Financial planner and financial advisor

1. How are assessments calculated for the Financial Planner and Financial Advisor sector?

FSRA assessment calculations are based on the calculations shown in Rule 2019-001 for Assessments and Fees. To see the calculation for your specific sector, please refer to the following subsection: Financial Professionals Sector Assessments and Fees: Subsection 8.1.

The FSRA assessment is calculated using the following formula:

25,000 + A + B

where “A” is calculated as:

The total number of approved credentials issued to individuals by the approved credentialling body ÷ the total number of approved credentials issued to individuals by all approved credentialling bodies in the sector

X

Budgeted expenditures net of fees

and “B” is calculated as:

The total number of approved credentials issued to individuals by the approved credentialling body ÷ the total number of approved credentials issued to individuals by all approved credentialling bodies in the sector

X

10% of sector start-up costs

Plus an amount, either positive or negative, to compensate for any change in the number of approved credentialling bodies since the previous assessment period.

2. Who would be billed for the assessment?

All FSRA approved credentialling bodies are required to pay an assessment fee. The assessment payment is due within 30 days of the invoice date.

3. What is the billing period for the assessment?

Approved credentialling bodies are required to pay an assessment fee for the fiscal year period of April 1 to March 31. Invoices are sent early in the fiscal year that starts on April 1 and ends on March 31.

4. Where does the information on a credentialling body’s number of approved credentials issued to individuals come from?

Data on the number of approved credentials issued by each FSRA-approved credentialing body is based on the most recent Annual Information Return (AIR) that the Financial Services Regulatory Authority of Ontario has on file as of March 31, 2023

5. My organization was approved and announced as a FSRA-approved credentialling body midway during the year. Can the invoice be pro-rated?

No, invoices will not be pro-rated. If your organization was a FSRA-approved credentialing body on or before March 31, 2023, you are required to pay an assessment fee for the period of April 1, 2023 to March 31, 2024.

6. What is the “Assessment for Other Services” line on my invoice?

The assessment for other services is your organization’s share of the expenses the Ministry of Finance has incurred in preparing FSRA to carry out its regulatory function, and in respect of the regulated sectors, the operation of Dispute Resolution Services and the Financial Services Tribunal where applicable. The recovery of these costs is consistent with FSRA Rule 2019-001 Assessments and Fees.

7. How do I update my contact information?

Email [email protected] with any changes or updates to your contact information, including your email address.