The Financial Services Regulatory Authority (FSRA) of Ontario issued proposed fees for financial planners and financial advisors found here (Fee Proposal). The Fee Proposal arises from the Financial Professional Title Protection Act (the Act) and its corresponding Financial Professional Title Protection Rule (the Rule). The Act and Rule are not relevant to CIRO members who are already subject to the same oversight by CIRO and the OSC.
The Fee Proposal described is that CIRO pays a $25,000 flat rate part of an annual assessment and its share (O.10) of the start up cost fee of $3,098,901.00 along with other parts. A revised formula outlining these elements is provided in section 8.1.1 Self Regulatory Credentialing Body Assessments is found here. The IIAC’s letter dated June 2, 2023 recognizes the efforts made to date but also states the amount of fees that will be charged to CIRO members is unclear. Any fees should be nominal and payable with administrative ease. If passed, a post-implementation review of the fees should be conducted soon. CIRO members should be exempted from the Act and the Rule which does not provide additional investor protection to their clients.