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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. Many of the regulations made under those statutes are listed below. For a complete list of regulations, please visit BC Laws or Canadian Legal Information Institute (CanLII).
Credit Unions and Trusts
BCFSA regulates credit unions and trust companies under the Financial Institutions Act and the Credit Union Incorporation Act and administers deposit insurance for credit unions through the Credit Union Deposit Insurance Corporation.
BCFSA regulates insurers under the Financial Institutions Act, Insurance Act, and Insurance (Captive Company) Act, may appeal disciplinary decisions of the Insurance Council and is responsible for investigating unlicensed insurance activities.
BCFSA regulates mortgage brokers under the Mortgage Brokers Act, which provides a registration and regulatory framework. We protect the public and enhance industry integrity by enforcing suitability requirements and by preventing and addressing market misconduct.
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.
Real Estate Development
BCFSA enforces the Real Estate Development Marketing Act by making sure developers provide full information and deposit protection to consumers when marketing residential developments.
Real Estate Services
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).