Office of the Superintendent of Financial Institutions
Type of Publication: LetterDate: April 1, 2021To: Federally Regulated Financial Institutions
In order to enhance its accountability and transparency, in 2005 OSFI developed service standards for services that it provides. In 2017, the Government of Canada introduced the
Service Fees Act (the
Act) to replace the 2004
User Fees Act. All government departments and agencies that charge fees for services are impacted by this legislation, including OSFI.
Act provides for
OSFI is subject to a service standard for fees that it collects pursuant to the
Act. Service standards are integral to good client service and to effectively manage performance.
OSFI has redefined its existing service standards to reinforce client expectations and increase transparency and accountability. Learn more about
OSFI's service standards.
The Act's reporting regime and the
Directive on Charging and Special Financial Authorities requires all federal departments and agencies, including OSFI, to report to Parliament and to publish annually, details of each fee that is their respective department's authority to charge, such as type and rate of adjustment, the service standard and the performance result. The
Fees Report is available on
If OSFI is unable to meet its service standards in relation to a fee-based application, we may reimburse the fee, or a portion of it, to the client pursuant to Section 7 of the
Act. This requirement reinforces accountability around service delivery, and helps us set meaningful and realistic service expectations.
Pursuant to the
Act and the
Directive on Charging and Special Financial Authorities, OSFI developed a
Remission Policy (the Policy) that ensures appropriate considerations for determining whether a service standard is not met and whether a remission is warranted. This Policy takes effect April 1, 2021.
OSFI will, from time to time, review and update its fees, while continuing to implement the requirements of the
Act. Our fee review process will ensure that we continue to provide the quality of service that stakeholders expect from us.
Since April 1, 2019, OSFI's fees have been adjusted by inflation annually pursuant to the
Act and will be incorporated into our overall review process. We will engage our stakeholders prior to any other fee adjustments.
To be consistent with the principles set out in the Government of Canada's
Red Tape Reduction Action Plan, OSFI has developed a feedback process in the event you are not satisfied with the service received due to OSFI failing to meet the service standards. You can contact OSFI:
By Telephone: 1-800-385-8647 (8:30 a.m. to 6:00 p.m. Eastern time, Monday through Friday)
By Fax: 613-990-5591
By Mail: Office of the Superintendent of Financial Institutions Canada 255 Albert Street 12th Floor Ottawa, Ontario, Canada K1A 0H2
OSFI reviews these standards on a regular basis with the benefit of experience and stakeholder feedback to ensure that they remain relevant and to allow for adjustments. Questions with respect to the service standards should be addressed to Patrick Clermont at (613) 949-8698, by facsimile (613) 991-0325 or by email at
Assistant Superintendent Regulation Sector