Stakeholders

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As a regulator, we work with a diverse group of stakeholders and partners, including:

  • members of the public, whose interests and well-being we protect by providing oversight and regulation of the financial services sector;
  • industry sector members, who look to us for modern, effective, efficient regulation and guidance to support compliance and best practices;
  • other regulators, in B.C. and across Canada who we work with to provide a strong, consistent approach to regulation of the financial services sector;
  • the provincial government, to which we are accountable.

Consultations and Engagement

Effective engagement with our stakeholders is important to achieving our regulatory goals.

We use a variety of methods to gather feedback and listen to the views of our stakeholders about the issues that affect them. For more information about consultation activities, refer to the list below.

Current Engagement Opportunities

  • Cooling Off Period and Real Estate Consumer Protection

    On August 1, 2021, BCFSA became the single regulator for the financial services sector in B.C., including real estate services. Ensuring public protection and promoting confidence in B.C.’s real estate market is a key priority.  

    As part of the decision to introduce a mandatory cooling off period for residential real estate transactions, the Minister of Finance has asked BCFSA to consult with key industry stakeholders and experts to determine the parameters of this new measure. The Province has also instructed BCFSA to look into and consult on other potential changes to help protect consumers, including the practice of blind bidding. BCFSA will report back to the Minister of Finance with its findings and advice in early Spring 2022. 

    In the coming weeks BCFSA will be engaging with industry associations, including real estate boards. For those seeking to provide input, you may email [email protected]. All communications received will be forwarded to the Ministry of Finance for consideration.  

  • Draft Recovery Plan Guideline

    BC Financial Services Authority (“BCFSA”) published a Draft Recovery Plan Guideline outlining the expectations for all financial institutions that are incorporated in B.C. (hereafter referred to as PRFIs) in developing an effective recovery plan following a significant financial stress event (Recovery Plan). The Recovery Plan is activated in situations where the PRFI may be approaching but has not yet reached the point of non-viability. PRFIs are expected to develop and maintain a Recovery Plan which will guide them back to viability.

    Following the release of the Draft Recovery Plan Guideline on October 4, 2021, the 60-day consultation process began and will close on December 3, 2021. The consultation includes meeting with various stakeholder organizations and sector representatives. Also, during the consultation phase, we invite our stakeholders to submit written feedback. BCFSA values the feedback it receives during its consultations and, where appropriate, feedback will be used to amend and strengthen the Guideline. Feedback received during the consultation will be summarized and BCFSA’s responses will be published on the BCFSA website.

    View the Draft Recovery Plan Guideline
  • CUDIC Comprehensive Fund Size Review

    The BC Financial Services Authority (“BCFSA”) is undertaking a comprehensive review (“Review”) of the size of the Credit Union Deposit Insurance Corporation of British Columbia (“CUDIC”) deposit protection fund (“Fund”). A periodic Review ensures the Fund is appropriate for the financing conditions and operating environment of the BCFSA authorized credit union sector (“Sector”).  

    To better inform the Review, BCFSA is seeking feedback on key inputs discussed in this consultation paper related to the financial and operating conditions of the Sector. BCFSA welcomes additional suggestions and will communicate the results of the consultation once the information has been compiled.  

    BCFSA will be working with the Canadian Credit Union Association (“CCUA”) in establishing a working group to consider the relevant review inputs. 

    The Review is scheduled for completion in Spring 2022. 

    Access the Consultation Paper

    Please send all comments to [email protected] by December 17, 2021.  

    BCFSA will treat submissions of feedback as confidential records and will not publish individual submissions or attribute content. However, please note that all submissions are subject to the Freedom of Information and Protection of Privacy Act. 

Recent Engagement Opportunities

  • B.C. Real Estate Organizations

    Learn more about our partner organizations established under the Real Estate Services Act

    Other Real Estate Organizations
  • Find Other Regulators

    Contact information and links to other related B.C. and Canadian regulatory bodies.

    Find Other Regulators