Updates to BCFSA’s Publication of Regulatory Actions Process Support Increased Transparency  

BC Financial Services Authority (“BCFSA”) has updated its Administrative Process: Publication of Regulatory Actions to increase transparency for consumers. This process sets out how and when BCFSA publishes its regulatory actions, including notices of hearings, discipline-related orders and administrative penalties.

The updated process states that BCFSA will publish the names of third-party participants who are alleged or have been found to have participated in activity that is against regulation and who are the subject of a separate but related decision. These updates increase transparency, particularly for consumers, by enabling BCFSA to explain where multiple instances of misconduct are connected.

The administrative process also applies to BCFSA’s media activities, which aim to inform consumers of cases of misconduct and what to look out for when doing business in the financial services sector, while deterring further misconduct by those working in the sector.

Key clarifications to the process include:

• Third-party participant names and identifiers will be published in decisions if the third-party participant is the subject of a related decision. If a third-party participant is the subject of an ongoing investigation or has an upcoming hearing with BCFSA, their name and identifiers will be redacted until that matter has concluded.

• Third-party participant names and identifiers will be published in notices of hearing in which they are not named as a respondent.

• Under certain circumstances, undertakings and voluntary compliance agreements made under the Financial Institutions Act will be published.  

If you have questions about BCFSA’s Administrative Process: Publication of Regulatory Actions or its application, please contact communications@bcfsa.ca.