1. What is an Assessment?
An assessment is the amount of money to be recovered from each company FSRA regulates to cover expenses and expenditures incurred and made in respect of their regulated sector. To learn more about the methodology used for the calculation of assessments within your sector, please visit: Financial Services Regulatory Authority of Ontario Rule 2019-001 Assessments and Fees and refer to the following subsections:
Credit Union Sector: Subsection 3.1
Insurance Sector: Subsection 4.1
Loan & Trust Sector: Subsection 5.1
Pension Sector: Subsection 7.1
2. What does your Assessment invoice include?
Your invoice includes your FSRA assessment for April 1, 2020 to March 31, 2021 and is based on FSRA budgeted costs which have been held at last year’s levels.
Your invoice also includes an assessment for other services, which primarily represents expenses incurred by the Ministry of Finance for the set-up of FSRA and the operation of the Financial Services Tribunal. The assessment for other services also includes amounts pertaining to the Financial Services Commission of Ontario (FSCO), the former regulator.
3. What’s different?
Consistent with the assessment invoice issued in late 2019, the method for calculation of the 2020-2021 FSRA assessment is based on the Assessments and Fees consultations held late 2018 to early 2019.
Effective June 8, 2019 under Rule 2019-001 for Assessments and Fees assessments is calculated based on the final budget posted by FSRA.
4. Why did my assessment increase/decrease from the last FSRA assessment invoice?
The FSRA assessment invoice issued in late 2019 included FSRA’s budgeted costs for nine months and three weeks (the period from June 8, 2019 to March 31, 2020) whereas the 2020-2021 assessment invoice includes FSRA’s budgeted costs for a full fiscal year.
The previous invoice also included an additional assessment pertaining to the Financial Services Commission of Ontario (FSCO), the former regulator. The 2020-2021 assessment invoice also includes an additional assessment for other services, however this additional amount is different for the additional assessment amount included on the previous invoice.
Both of the above changes may have impacted your 2020-2021 assessment.
5. How often will future assessments be received?
Your next invoice will be sent in early 2021 for the FSRA 2021-2022 fiscal year, which starts on April 1, 2021 and ends on March 31, 2022. This invoice will use the same calculations outlined in Rule 2019-001 for Assessments and Fees.
6. What is FSRA’s fiscal year?
FSRA’S fiscal year starts on April 1 and ends on March 31.
7. Who do I contact for more information?
If you have general questions please contact the FSRA Contact Centre.
Toll free: 1-800-668-0128
8. When is my assessment payment due?
The assessment payment is due within 30 days of the date on the assessment invoice.
9. To whom should the cheque be made payable?
Financial Services Regulatory Authority of Ontario
10. Where do I send the payment?
Please send your payment to:
Financial Services Regulatory Authority of Ontario
PO Box 9572, STN A
Toronto, ON M5W 2K3
11. What payment methods are available?
The assessment payment can be made by cheque, money order, internet or telephone banking or through the automated teller machine using the “Remittance Advice” portion of your assessment invoice. Please include the “Remittance Advice” portion of your invoice with your payment, to ensure that it is applied to the proper outstanding invoice.
12. What period is covered by the assessment?
The FSRA assessment is based on budgeted costs for the fiscal year beginning April 1, 2020 and ending March 31, 2021.
The assessment for other services includes expense incurred by the Ministry of Finance during the period from April 1, 2019 to March 31, 2020 for the set-up of FSRA and the operation of the Financial Services Tribunal. The assessment for other services also includes amounts pertaining to the Financial Services Commission of Ontario (FSCO), the former regulator, for the period from April 1, 2018 to June 7, 2019.
13. What is the “Assessment for Other Services” line on my invoice?
The assessment for other services includes a regulated organization’s share of the expenses and expenditures that the Ministry of Finance has incurred and made in respect of preparing FSRA to carry out its regulatory function and/or the operation of the Financial Services Tribunal. The recovery of these costs is consistent with FSRA Rule 2019-001 Assessments and Fees. The assessment for these services is for the period from April 1, 2019 to March 31, 2020.
The assessment for other services also includes a final adjustment for FSCO costs for the 2019 assessment period (April 1, 2018 to June 7, 2019) based on the audited financial statements for the period. This balance has been determined and allocated to the sectors based on FSCO’s regulations (Ontario Regulation 11/01 of the Financial Services Commission of Ontario Act, 1997).
14. Does FSRA issue receipts for assessment payments?
Presently FSRA does not issue receipts for the assessment payments.
15. Can payments be made through wire transfer?
Invoices may be paid in person at your financial institution, by internet or telephone banking, through automated teller machine or by cheque.
Cheques should be made payable to the Financial Services Regulatory Authority of Ontario and mailed with the completed remittance advice to PO Box 9572, STN A, Toronto, ON M5W 2K3.
16. What needs to be entered online to make the payment?
For customers paying online, through your financial institution the “Customer ID number” needs to entered to identify the payment. This information is under “Remittance Advice” on the invoice. It has to be only six digits, without any letters.
17. Do I make cheques payable to FSRA or FSRAO?
To pay your assessment invoice, cheques can be made payable to FSRA or FSRAO.
18. This is the second assessment invoice I have received in the last eight months - did I not pay my assessment already?
In late 2019, assessment invoices were sent to the insurance, pension and loan and trust sectors. These invoices covered the period from June 7, 2019 to March 31, 2020.
This new assessment invoice includes your FSRA assessment for period from April 1, 2020 to March 31, 2021 and is calculated based on FSRA’s budget for that fiscal year.
19. Can customer receive invoice by e-mail or electronically?
An electronic copy of invoice can be requested by emailing Finance@fsrao.ca.