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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.
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.
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.
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
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.
Members of the public and real estate professionals were invited to help shape the future of real estate teams in B.C. by sharing their feedback on proposed regulatory changes.
Teams are groups of licensed real estate professionals who work together to provide real estate services to clients. With over 1000 real estate teams in B.C., they are an increasingly popular way for real estate professionals to market and provide their services.
Stronger regulation of teams will help ensure that consumers are well-protected, provide greater consistency in the operation and conduct of real estate teams, reduce the potential for conflicts of interest, and protect clients’ confidential information.
The consultation closed on Friday, April 2, 2021.
- Discussion paper on the regulation of real estate teams
- Backgrounder: regulation of real estate teams
- News release: Superintendent looking for feedback on regulation of real estate teams
- Policy Intentions Consultation Summary Report on Regulation of Real Estate Teams
Members of the public and real estate professionals were invited to submit feedback on proposed changes to licensing fees intended to help to sustain and improve the oversight of the real estate sector, enhance public protection and ensure ongoing improvements to services.
Participation in this consultation was available by reading the consultation paper, Licensing Fee Changes: Supporting Efficient, Effective Real Estate Regulation, and submitting feedback through an online survey.
The consultation closed on January 10, 2021. Changes to licensing fees took effect April 1, 2021.
Members of the public and real estate professionals were invited to submit feedback as part of a multi-phase project review the roles and responsibilities of managing brokers.
Managing brokers occupy a critical role in the industry and have formal responsibility for the business operations of their brokerage and the actions of the licensed and unlicensed staff who provide services on the brokerage’s behalf. Changing business models and practices may be adversely influencing the ability of managing brokers to effectively uphold their regulatory duties.
This project was initiated to ensure that the role of managing brokers in B.C.’s changing real estate landscape continues to support regulatory protections for consumers and fosters a strong culture of professional in the real estate industry.
- Final Project Summary Report
- Managing Broker Project Update
- Summary of Feedback on Discussion Paper
- Discussion Paper: Reframing the Role of Managing Brokers
- Regional Engagement Session Summary
- November 2018 Consultation Summary Report
- Roundtable Discussion Highlights: Prince George (PDF)
- Roundtable Discussion Highlights: Kelowna (PDF)
- Roundtable Discussion Highlights: Cranbrook (PDF)
- Roundtable Discussion Highlights: Vancouver (Morning Session) (PDF)
- Roundtable Discussion Highlights: Vancouver (Afternoon Session) (PDF)
- Roundtable Discussion Highlights: Victoria (PDF)
- Roundtable Highlights: Written Submissions (PDF)
- November 16, 2018: Discussion Guide for Managing Broker Regional Roundtables (PDF)
- November 16, 2018: Roundtable presentation and discussion questions (PDF)
BC Financial Services Authority (“BCFSA”) proposed revisions to the regulatory reporting templates and instructions for BC credit unions. Following the integration of feedback from credit unions, BCFSA intends to issue the final revised reporting templates in spring 2021, with implementation in fall 2021. BCFSA will provide support and training to assist credit unions with the transition to the revised templates.
In December 2016 a Working Group was formed to develop recommendations for changes to the Methodology proposed by the Credit Union Deposit Insurance Corporation (CUDIC) for the purpose of determining annual assessments for the Deposit Insurance Fund. The Working Group’s final report was shared with credit unions in October 2017.
BCFSA is proposing revisions to the BC Trust Financial and Capital Return (“BC Trust FCR”) template and reporting instructions. These revisions aim to streamline reporting through a standardized template and consistent reporting instructions. The revisions also align the BC Trust FCR template with the current International Financial Reporting Standards (“IFRS”).
After incorporating feedback from B.C. trust companies, BCFSA intends to issue the final revised BC Trust FCR template this summer, with proposed implementation in the fall. BCFSA will provide support and training to help B.C. trust companies with the transition to the revised requirements.
BCFSA has identified information security and outsourcing (also referred to as third party risk) as key risks currently facing regulated entities. In response, BCFSA has developed draft Guidelines to set out its expectations for mitigating these risks.
Given the connection between information security and outsourcing risks, BCFSA plans to hold separate consultations on both Guidelines over the same period of time. Following the release of the draft guidelines, BCFSA will undertake a 60-day consultation process that will include meeting with various stakeholder organizations and targeted sector representatives. Details regarding those meetings will be released along with the draft Guidelines. BCFSA values the feedback it receives during its consultations and, where appropriate, feedback will be used to amend and strengthen the guidelines. Feedback received during the consultation will also be summarized and BCFSA’s responses will be published on the BCFSA website.