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BCFSA Publishes its First Consumer Complaints and Investigations Report
BC Financial Services Authority (“BCFSA”) is pleased to announce the release of its inaugural Consumer Complaints and Investigations Report.
Aimed at increasing transparency and supporting consumer education, the report outlines the process that is followed when a consumer submits a complaint to BCFSA, and information related to compliance and investigation themes and outcomes.
The report covers B.C.’s financial services sector and reflects data from fiscal year 2023/24 which ran from April 1, 2023, to March 31, 2024.
“As part of BCFSA’s vision to be a modern, effective, and efficient regulator of the B.C. financial services sector, we aim to provide consumers with resources that support consumer protection,” said Blair Morrison, CEO of BCFSA. “This inaugural report is an important resource that supports that vision, while offering increased transparency on BCFSA’s consumer-facing processes.”
Key Highlights from the Report
- Complaint volumes in fiscal year 2023/24 were consistent with BCFSA’s expectations, with complaints predominantly related to misrepresentation within the real estate services segment.
- BCFSA received 1,711 complaints and closed 2,184 complaints in fiscal year 2023/24. The number of files closed was driven by BCFSA’s focus on real estate segment complaints that existed prior to August 1, 2021, when BCFSA integrated the Real Estate Council of BC and the Office of the Superintendent of Real Estate to become BCFSA.
- The insurance segment generated the second highest number of complaints to BCFSA with most complaints related to policyholders’ dissatisfaction with insurance claim decisions and settlements.
The Consumer Complaints and Investigations Report will continue to be published annually, following the fiscal year end, and will evolve to reflect ongoing learnings and changes in the financial services sector.
For more information on reporting a concern to BCFSA, please visit our website at: www.bcfsa.ca.
Questions about the Consumer Complaints and Investigations Report can be directed to BCFSA Communications at: communications@bcfsa.ca.
