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Trust Companies and Corporations: Consultation on Proposed Fee Changes
Tags for 'Trust Companies and Corporations: Consultation on Proposed Fee Changes'
Closed
Launched: 9 August 2023
Closed: 9 September 2023
BCFSA thanks those who took the time to participate in the consultation on proposed changes to the fees it collects from trust companies and corporations authorized to conduct business in British Columbia. The comment period closed on September 9, 2023.
To see what consultation participants had to say and to learn how BCFSA raised awareness of the consultation opportunity, please see the Consultation Summary Report.
The new fees received provincial Cabinet approval and take effect on September 1, 2024.
Background
BCFSA does not receive funding from the Government of British Columbia. Most of BCFSA’s revenue comes from filing, registration and application fees paid by regulated entities and individuals under the various statutes.
BCFSA operates on a cost-recovery basis. This means the direct costs to regulate, administer, and oversee trust companies must be recovered from that industry through fees collected by BCFSA.
The proposed fee change for trust companies authorized in B.C. will equip BCFSA to sustain its regulatory oversight of trust companies authorized to conduct business in B.C. and to evolve with the emerging risks of the industry.