BCFSA launches industry fee review engagement

Proposed framework aims for clear, transparent, and predictable fee reviews

BC Financial Services Authority (BCFSA) is seeking feedback from its regulated entities on how it reviews the industry fees it collects to support effective regulation.

BCFSA’s proposed Fee Review Framework Discussion Paper aims to establish a predictable, clear and consistent fee review structure for the industries it oversees — mortgage services, real estate, real estate development marketing, credit unions, pensions, insurance companies and trust companies.

The objective of the proposed fee review framework is to:

• keep fees current
• align with regulatory activity
• avoid large, infrequent fee changes

The current unevenness of the fee review structure partly reflects BCFSA’s integration history. When separate regulatory functions were brought together, BCFSA inherited different fee structures and review practices. Over time, those differences have left BCFSA-regulated industries on different review cycles: some fees have been updated recently while others have remained largely unchanged for many years.

For the next 30 days, BCFSA will be engaging with industries before finalizing this framework. The feedback will inform the proposed framework, implementation considerations, and potential impacts for regulated industries. Any specific fee changes proposed as part of this framework are subject to government approval. Read more about BCFSA’s fee review engagement.

Meanwhile, during the same timeline, BCFSA is also engaging with B.C.’s pension industry on proposed changes to pensions fees following a comprehensive review.  

The review found that, while pension fee revenues have remained relatively unchanged since 2020, the costs of oversight required to regulate pension plans have increased over time.

Media Contact:

Lindsey Norris, Communications Manager
media@bcfsa.ca

Visit: www.bcfsa.ca