Regulatory Roadmap

The Regulatory Roadmap (the “Roadmap”) lays out BCFSA’s anticipated regulatory priorities for the next three fiscal years. It is intended to increase transparency of BCFSA’s regulatory priorities and enable regulated entities to prepare for consultations and implementation of upcoming regulatory initiatives. It should be read in the context of commitments outlined in BCFSA’s Service Plan. 

BCFSA’s mission is to promote confidence in British Columbia’s financial services sector by providing risk-based and proportional regulation and protecting the public.

BCFSA is dedicated to protecting the public and ensuring fair treatment for consumers of financial services in B.C. and remains focused on ensuring British Columbians receive the information and advice they need to make informed decisions.

Segment Priorities

• Credit Unions

  BCFSA’s regulatory priorities for provincially regulated credit unions are categorized into four main areas:

  1. Regulatory Framework Modernization;
  2. Crisis Preparedness;
  3. Natural Catastrophe & Climate Risk; and
  4. Digitalization Risk. 

• Real Estate Services

  BCFSA’s regulatory priorities for the real estate services segment is categorized into two main areas:

  1. Regulatory Framework Modernization; and
  2. Natural Catastrophe and Climate Risk.

• Real Estate Development Marketing

  BCFSA’s regulatory priorities for the real estate development marketing segment are categorized into two main areas:

  1. Regulatory Framework Modernization; and
  2. Natural Catastrophe and Climate Risk.

• Mortgage Brokers

  BCFSA’s regulatory priorities for the mortgage broker segment are categorized into two main areas:

  1. Regulatory Framework Modernization; and
  2. Natural Catastrophe and Climate Risk.

• Insurance Companies

  BCFSA’s regulatory priorities for insurance companies are categorized into three main areas:

  1. Regulatory Framework Modernization;
  2. Digitalization Risk; and
  3. Natural Catastrophes and Climate Risk.

• Pension Plans

  BCFSA’s regulatory priorities for B.C. pension plans are categorized into three main areas:

  1. Regulatory Framework Modernization;
  2. Digitalization Risk; and
  3. Natural Catastrophe and Climate Risk.

• Trust Companies

  BCFSA’s regulatory priorities for the Trust segment are categorized into two main areas:

  1. Regulatory Framework Modernization; and
  2. Digitalization Risk.

• Money Services Business

  BCFSA’s regulatory priorities for the money services business segment are focused on the implementation of the Money Services Businesses Act, which received Royal Assent in 2023.