General

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, 2021 to March 31, 2022 and is based on FSRA’s budgeted costs.

Your invoice also includes an assessment for other services, which primarily represents expenses incurred by the Ministry of Finance in respect of the regulated sectors.

3. Why did my assessment increase/decrease from the last FSRA assessment invoice?

The FSRA assessment invoice is based on FSRA’s 2021-2022 Budget which can be found here: Board-approved FSRA Budget 2021-2022.

To understand how the invoice is calculated for your specific industry, please 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

4. How often will future assessments be received?

Your next invoice will be sent in early 2022 for the FSRA 2022-2023 fiscal year, which starts on April 1, 2022 and ends on March 31, 2023. This invoice will use the same calculations outlined in Rule 2019-001 for Assessments and Fees.

5. What is FSRA’s fiscal year?

FSRA’S fiscal year starts on April 1 and ends on March 31.

6. What period is covered by the assessment?

The FSRA assessment is based on budgeted costs from April 1, 2021 to March 31, 2022.

7. 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 and made in preparing FSRA to carry out its regulatory function, and in respect of the regulated sectors, including where applicable the operation of Dispute Resolution Services and the Financial Services Tribunal. The recovery of these costs is consistent with FSRA Rule 2019-001 Assessments and Fees.

8. When is my assessment payment due?

The assessment payment is due within 30 days of the invoice date.

9. To whom should the cheque be made payable?

Financial Services Regulatory Authority of Ontario, FSRA or FSRAO.

10. What payment methods are available?

You may pay your invoice by internet or telephone banking, via ATM, in person at your financial institution. You will need to add FSRA as a bill payee. Your account number is your 6-digit Customer ID, which can be found on your invoice.

You may also mail a cheque or money order made payable to Financial Services Regulatory Authority of Ontario along with the completed remittance advice to PO Box 9572, STNA, Toronto, ON M5W 2K3.

11. 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.

12. When I add FSRA as a bill payee at my financial institution, how will it appear?

When making an online payment through your financial institution, you will need to enter your 6-digit Customer ID. Your Customer ID can be found on the “Remittance Advice” of your invoice.

Below is how FSRA will appear at each financial institution:

No. Bank Name Appears
1 RBC Financial Services Reg Authority ON
2 CIBC Financial Services Reg Authority ON
4 BMO Financial Services Reg Authority ON
5 HSBC FSRAO
6 ATB FINANCIAL SERVICES REG AUTHORITY ON
3 TD Bank Financial Services Reg Authority ON
7 National Bank Financial Services Reg Authority ON
9 Desjardins Financial Services Regulatory Authority of Ontario
10 Scotia Bank Financial Services Reg Auth On
11 Simply Financial  Financial Services Reg Auth On
12 ICICI Bank Financial Services Reg Authority ON
13 Tangerine Financial Services Reg Authority ON
 
     

13. Does FSRA issue receipts for assessment payments?

Presently FSRA does not issue receipts for the assessment payments.

14. Can customers receive invoice by e-mail or electronically?

An electronic copy of invoice can be requested by emailing Finance@fsrao.ca.

15. This is the second assessment invoice I have received in the last nine months - did I not pay my assessment already?

In July 2020, assessment invoices were sent to the insurance, pension, credit union and loan and trust sectors. These invoices covered the period from April 1, 2020 to March 31, 2021.

This new assessment invoice includes your FSRA assessment for period from April 1, 2021 to March 31, 2022 and is calculated based on FSRA’s budget for that fiscal year.

16. Who do I contact for more information?

If you have general questions please contact the FSRA Contact Centre.

Telephone: 416-250-7250
Toll free: 1-800-668-0128

Email: contactcentre@fsrao.ca