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(Vancouver, B.C.) — BC Financial Services Authority (“BCFSA”) is pleased to announce that its integration with the Real Estate Council of British Columbia (“RECBC”) and B.C.’s Office of the Superintendent of Real Estate (“OSRE”) is officially complete.
The transaction has created a single integrated regulator of B.C.’s financial services sector overseeing credit unions, trust and insurance companies, mortgage brokers, pension plans, and real estate services. BCFSA also administers the province’s deposit insurance regime.
“After 18 months of hard work to bring us to this point, we are pleased to see this new chapter begin for BCFSA,” said Dr. Stanley Hamilton, Chair of the Board of Directors of BCFSA. “Thanks to all for their contribution. BCFSA is poised and ready to move forward with more efficient business processes, investigations, and enforcement actions to ensure effective regulation of financial services for all British Columbians.”
BCFSA’s new leadership team includes Erin Seeley, formerly RECBC’s Chief Executive Officer, and Micheal Noseworthy, formerly B.C.’s Superintendent of Real Estate. Seeley has taken on the role of Senior Vice President, Policy and Stakeholder Engagement, while Noseworthy serves as Senior Vice President, Compliance and Market Conduct.
“Strengthening consumer protection will be a major focus for BCFSA as we move forward as a modern, effective, and efficient regulator,” said Blair Morrison, Chief Executive Officer, BCFSA. “Creating a single financial services regulator was a key recommendation from the Expert Panel on Money Laundering Report released in May 2019. We are pleased to have reached this point in our journey and look forward to the future. We are committed to dialogue with all stakeholders and innovation as we oversee the rapidly evolving financial services sector.”
Along with the integration, BCFSA has launched a new website and will be unveiling a modernized regulatory management system in September. The new system will benefit both regulated entities/individuals and BCFSA by optimizing and automating certain submissions and filing processes. Specifically, the new system will help to improve information quality, data collection, document management, reporting, and accessibility as well as boost overall regulatory efficiency and effectiveness.
BC Financial Services Authority (“BCFSA”) is a Crown regulatory agency of the Government of British Columbia. BCFSA has five pillars of responsibility: pension plans, mortgage brokers, financial institutions (including credit unions, insurance, and trust companies), real estate services, and the Credit Union Deposit Insurance Corporation (“CUDIC”).
Sarah Lusk, Communications Director
Email: [email protected] Tel: (604) 306-2066