Determining fees are the next step for the Financial Services Regulatory Authority of Ontario (FSRA) in its goal to implement a title protection framework for financial advisors and planners in the province.
FSRA was granted rule-making authority to design the title protection framework and is in the midst of coming up with new titles for advisors and planners.
Fees will help FSRA recover costs
Fees will let FSRA recover the initial costs to design and implement the framework, as well as the ongoing regulatory costs to oversee the sector. These costs are related to supervising and monitoring credentialing bodies, handling complaints and other activities to support the framework.
FSRA said the proposed fee structure for financial professionals “is intended to be fair, consistent and simple, so that each credentialing body pays its fair share of the costs.”
It has now launched a consultation on a proposed fee structure.