FSRA’s Proposed Licence Fee Rules
The Voice- August 30, 2018
INDUSTRY NEWS
On Monday, August 27th representatives from CMBA-Ontario attended an invitation-only consultation session with FSRA (Financial Services Regulatory Authority). FSRA has created Ad Hoc Industry Advisory Groups to provide them with industry insight and information.These groups liaise directly with FSRA management and the Board of Directors.
Click here to learn more about FSRA’s announcement on the creation of the Ad Hoc Fee Rule Industry Advisory Groups.
Some Key Highlights
- FSRA will eventually take the place of FSCO (Financial Services Commission of Ontario) and DICO (Deposit Insurance Corporation of Ontario).
- FSRA plans to be up and running as of April 1, 2019.
- FSRA is working through a variety of funding models relating to it becoming a self-funded regulator.
- The proposed funding models have an impact on the licencing fees charged to brokers, administrators and agents.
- FSRA has not chosen a preferred model for licence fees. CMBA-Ontario will continue to work with FSRA to provide information and advice on the proposed models and licence fees.
FSRA’s Board of Directors is scheduled to meet in September, 2018. CMBA-Ontario representatives will attend this meeting and discuss with the directors the funding models and their impacts on the industry. CMBA will be there to directly advocate for you!
We will keep all members informed with up-to-date information as the process develops.