BCFSA Seeks Feedback on Proposed Fee Review Framework
October 20, 2026
The BC Financial Services Authority (“BCFSA”) has released a discussion paper seeking stakeholder feedback on a proposed Fee Review Framework to establish a predictable, consistent approach to future fee reviews so that regulated industries, including the pension industry, have clarity as to how reviews will be conducted.
The proposed Fee Review Framework would align fees more closely with regulatory activities and costs and reduce the likelihood of significant fee adjustments after long periods without review. The Fee Review Framework is aimed at establishing a review process only and would not predetermine future fee outcomes. Any resulting fee changes would remain subject to government approval.
The proposed Fee Review Framework includes two review mechanisms:
· Annual cost-based fee reviews to assess whether fees remain aligned with current regulatory costs and whether incremental adjustments within the existing fee model may be warranted; and,
· Comprehensive fee reviews conducted at least every five years, to evaluate whether an industry's fee model remains effective and fit for purpose.
For the pension industry, BCFSA notes that its 2026 comprehensive fee review has already considered pension-specific cost recovery issues and incorporated forward-looking inflation assumptions. As a result, pension plans would not be subject to annual cost-based fee reviews during the 2026-2029 period. Instead, BCFSA would monitor for material changes in regulatory responsibilities, market conditions, costs, revenues, or the operation of the fee model that could warrant a change in timing for comprehensive fee reviews.
Click on ‘More information’ below to read the proposed Fee Review Framework:
