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BCFSA was established by the Financial Services Authority Act. As the single regulator for B.C.’s financial services sector, BCFSA oversees credit unions, trust companies, registered pension plans, insurance companies, mortgage brokers, and real estate, under the following statutes.
BCFSA regulates pension plans registered in B.C. under the Pension Benefits Standards Act. It protects the interests of members by setting minimum standards for B.C. pension plans and protects the financial health of pension plans through rules for investment of a plan’s assets, funding and solvency standards.
BCFSA sets and enforces standards of conduct under the Real Estate Services Act and protects consumers from unlicensed real estate services activity. Individuals and brokerages providing real estate trading or management services must be licensed with BCFSA unless otherwise exempted
BCFSA undertakes certain functions under the Strata Property Act which relate to the creation of strata titles, and which govern property owners’ ability to rent their strata property (as these may be subject to strata bylaws).