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Regulatory Roadmap

Regulatory Roadmap

sea to sky highway road

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.

BCFSA uses a risk-based prudential supervisory framework to identify imprudent or unsafe business practices and intervenes on a timely basis, as required. The rationale, principles, concepts, and core processes in BCFSA’s supervisory framework apply to all BCFSA regulated financial institutions.

Read the 2023/2024 Regulatory Roadmap

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 segment are categorized into three main areas:

    1. Proactive Oversight of the Real Estate Industry;
    2. An Efficient and Effective Regulatory Enforcement Program; and
    3. Natural Catastrophe and Climate Risk.

  • Mortgage Brokers

    BCFSA’s regulatory priorities for mortgage brokers are categorized into three main areas:

    1. Implementation of the Mortgage Services Act (“MSA”);
    2. Enhanced Continuing Education; and
    3. Natural Catastrophe & Climate Risk.

  • Insurance Companies

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

    1. Fair Treatment of Customers;
    2. Natural Catastrophe & Climate Risk; and
    3. Digitalization Risk.

  • Pension Plans

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

    1. Pension Plan Governance;
    2. Natural Catastrophe & Climate Risk; and
    3. Digitalization Risk.

  • Trust Companies

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

    1. Natural Catastrophe & Climate Risk; and
    2. Digitalization Risk.