BCFSA Invites Feedback on Proposed Fee Changes for Trust Companies, Captive Insurance Companies and Real Estate Developers

BCFSA is seeking feedback from the public and stakeholders on its proposed fee changes for trust companies authorized in B.C., captive insurance companies, and real estate developers involved in marketing multi-unit development properties. The fee changes aim to ensure BCFSA operates on a cost-recovery basis while sustaining effective regulatory oversight.

As part of its commitment to maintaining an effective and efficient financial services sector in the province, BCFSA is proposing adjustments to the fees it collects from these specific segments. If approved, the changes to fees are proposed to take effect April 1, 2024.

These proposed fee adjustments will enable BCFSA to continue its crucial role in regulating trust companies, captive insurance companies, and real estate developers effectively. By ensuring sufficient financial resources through appropriate fees, BCFSA aims to uphold the trust and confidence of British Columbians in the province’s financial services industry.

You can learn more about the proposed fee changes and participate in the consultations by reviewing the consultation documents and responding to the questions in the online feedback forms:

• Captives Fees Consultation Document and Feedback Form
• Trust Company Fees Consultation Document and Feedback Form

• Real Estate Development Marketing Consultation Document and Feedback Form

The consultation periods are scheduled to conclude on September 9, 2023.

Your input will contribute to sustaining the level of regulatory activities for B.C.’s financial services sector, ensuring that BCFSA has the ability to adapt to emerging industry risks and continues fulfilling its mandate effectively.

Questions?

If you have any questions regarding the consultation on the proposed changes to fees or about responding to the questions in the online feedback forms, please email us at: engage@bcfsa.ca