Since 2002, every individual trustee, including those working for a corporate trustee, plus every corporate trustee has been required to pay an annual fee of $850. The only trustees not subject to paying the fee are honorary licence holders and Office of the Superintendent of Bankruptcy (OSB) employees.
The OSB is considering whether annual licensing fees for trustees should be tiered or subject to a scale of fees where the trustee’s performance has resulted in higher supervision costs by the OSB.
Looking at the following, what comments or input would you like to share on the options under consideration?
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- Require that trustees with sustained compliance concerns pay a higher licensing fee to better defray the added costs of the supervision they require.
- Establish performance criteria that could be used by the OSB to determine if a trustee should be subject to a higher licensing fee.
- Establish a period of time over which a trustee’s performance would be judged unacceptable to warrant a higher licensing fee.
- Establish a time frame (for example, six months) during which a trustee has notice to put his/her practice into compliance to avoid imposition of increased premiums.
- Set an amount for the licensing fee of a trustee whose performance remains unacceptable.