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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.
Consultation Opened: June 22, 2022
Consultation Closed: August 6, 2022
BC Financial Services Authority (“BCFSA”) has completed its consultation on the draft Insurer Code of Market Conduct (“the Code”) and the draft Guideline to the Code that will apply to all insurers authorized to conduct insurance business in B.C.
The Code embeds fair treatment of customers principles into BCFSA’s market conduct supervision and oversight, delivering on its mandate of enhancing consumer protection and strengthening public trust and confidence in the insurance sector.
In fall 2019, the B.C. government introduced a series of legislative amendments aimed at modernizing BCFSA’s approach to market conduct supervision and oversight.
This included a new provision, Section 94.1 of the Financial Institutions Act (“FIA”), establishing the requirement that insurers1 adopt and follow a Code of Market Conduct established by BCFSA.
As authorized by the Order in Council (“OIC”) no. 0079_2022, Section 94.1 of the FIA will come into force in June 2022; however, the legislation will only apply to insurers authorized to conduct insurance business in B.C. once BCFSA has established its Code following the consultation process and the Code’s finalization.
The requirement to bring forward the Code has been included on BCFSA’s regulatory roadmap, which set outs regulatory priorities over the near-term.
The Consultation Process
The period for giving feedback has now closed. Feedback received during the consultation will be reviewed and summarized and responses will be published on the BCFSA website. BCFSA values the feedback it receives during consultations and input will be used as appropriate to clarify and strengthen the draft Insurer Code of Market Conduct.
1 Sections 94.1, 158, 189 and 192 of the FIA includes all B.C. incorporated insurance companies, extraprovincial insurance corporations, societies deemed under section 191, and mutual fire insurance companies; reinsurers, reciprocal exchanges and captive insurance companies are excluded.
For additional information, please refer to:
Consultation Open: September 20, 2022
Members of the public and real estate development industry participants are invited to review the consultation materials and provide feedback on the proposed amendments related to the marketing of development properties and real estate securities under the Real Estate Development Marketing Act (“REDMA”), which include policy statements 5 and 6:
- Changes to the definition of “approval in principle” in Policy Statement 5: Early Marketing Development Approval;
- Amending the definition of “building permit” in Policy Statement 5 to clarify that a building permit must be for excavation or construction of a development; and
- Amending Policy Statement 5 and Policy Statement 6 to clarify that the early marketing requirements apply to developments on a phase-by-phase basis.
To learn more about the amendments and provide feedback, please see the following consultation supporting documents:
- Advisory — Policy Statement 5 and 6
- Discussion Paper — Policy Statement 5 and 6
- Policy Statement 5 Redline and Clean
- Policy Statement 6 Redline and Clean
Comments and feedback on the discussion questions must be submitted no later than October 20, 2022 using the Consultation Feedback Form – Policy Statement 5 and 6.
You are invited to review the materials and share your comments on these amendments which are a result of a BC Securities Commission (“BCSC”) proposal to amend the form of offering memorandum that securities issuers offering securities that relate to real estate must file with the BCSC.
To learn more about the amendments and provide feedback, please see the following consultation supporting documents:
Comments and feedback must be submitted no later than October 20, 2022 using the Consultation Feedback Form – Policy Statement 13.
BCFSA appreciates the time and effort you have put in to contributing to the consultation process. We look forward to receiving your feedback.
Real Estate Services Rules Amendments
BCFSA conducted a 60-day public consultation on proposed amendments to the Real Estate Services Rules (“Rules”) that will establish a regulatory framework for real estate teams and align brokerage trust accounting rules with federal requirements.
Strengthening Real Estate Teams Regulation
Real estate teams (“teams”) are a popular option for B.C. consumers who are buying, selling, or leasing real estate. Teams offer consumers the expertise of a group of real estate licensees working together to provide real estate services to clients. BC Financial Services Authority (“BCFSA”) is seeking to improve consumer protection by clarifying the role and duties of teams and team members through proposed amendments to the Real Estate Services Rules (“Rules”).
Pooled Trust Account Reporting Requirement Changes
Upcoming amendments to Canada Deposit Insurance Corporation (“CDIC”) deposit insurance protection rules take effect on April 30, 2022. These changes will mean that professional trustees may be eligible to designate certain accounts at federally regulated financial institutions as professional trustee accounts and benefit from streamlined information reporting requirements. The proposed amendment will reduce unnecessary duplication between the Rules and CDIC’s rules.
BCFSA’s Consultation Process
The consultation period is now closed. The consultation was part of BCFSA’s commitment to enhance the regulation of real estate services in B.C. by introducing amendments that promote transparency and strengthen consumer protection.
During the 60-day consultation period from February 23 to April 24, 2022, BCFSA invited feedback from B.C. consumers and licensees on proposed amendments to the Rules respecting teams and trust accounting.
To learn more about what we heard during the consultation, please see the consultation summary reports released on July 20, 2022:
BCFSA would like to thank everyone who provided feedback. Further information about next steps, including implementation, will be made available subsequently.
To learn more about the Real Estate Services Rules amendments, please review the annotated draft Rules and accompanying FAQs.Learn More
On November 4, 2021, B.C.’s Minister of Finance announced the Government’s intention to introduce a cooling-off period during real estate transactions in B.C. to strengthen protection for homebuyers. The Minister tasked BCFSA to consult key stakeholders and experts and to report back with advice on the parameters of a cooling-off period, also referred to as a homebuyer protection period.
Additional consumer protection measures to address the risk associated with unconditional offers were also considered along with potential enhancements and alternatives to blind bidding.
In delivering on this important mandate from Government, BCFSA consulted with over 140 participants, through virtual sessions and written submissions. Participants included representatives from real estate industry organizations, legal experts, and those from a broader public interest perspective such as academics, economists, and public sector organizations. The consultation period formally closed on February 24, 2022. We thank all the consultation participants for taking the time to contribute valuable input to inform BCFSA’s advice to Government.
On May 26, 2022 BCFSA delivered its report, Enhancing Consumer Protection in B.C.’s Real Estate Market, to the Government of British Columbia.Learn More
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”) has undertaken 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 BCFSA’s authorized credit union sector.
BCFSA developed and released a consultation paper, inviting feedback during a 30-day consultation period, from November 18, 2022 to December 17, 2022. The period for providing feedback has now closed.
BCFSA wishes to thank those credit unions that provided feedback on the Comprehensive Fund Size Review – Consultation Paper issued in November 2021 and credit union participants at the Comprehensive Fund Size Review Working Group sessions in January and February 2022. BCFSA also wishes to acknowledge support provided by the Canadian Credit Union Association for their role in organizing attendance at the working group sessions.
BCFSA has now revised the CUDIC Fund. Please see the Advisory for more information.
BCFSA treats submissions of feedback as confidential records and does 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.
The Credit Union Deposit Insurance Corporation of British Columbia (“CUDIC”) has consulted on updates to the Deposit Data Requirements (“Version 3”) intended to ensure that BC Financial Services Authority (“BCFSA”) receives the necessary deposit data for CUDIC to complete accurate and timely deposit insurance determinations for depositor reimbursement in an event of a credit union failure.
The period for giving feedback has now closed. Over the 90-day consultation period, CUDIC received feedback from credit unions on the enhancements in Version 3 related to the six Primary Payout System Extracts. From March 21 to June 21, 2022, credit unions were invited to review the draft of Version 3, participate in an information session, and provide written feedback.
The CUDIC team is reviewing the feedback that we received during the consultation. As a follow up to the consultation, we will be hosting a virtual information session for credit unions to present details on how the feedback will be used to help clarify and strengthen the data requirements in Version 3.
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.
As part of BCFSA’s review of an application from First West Credit Union (“First West”) for consent to apply to be federally regulated under the Bank Act, we welcomed feedback from organizations, impacted stakeholders and the general public.
This consultation period is now closed. All feedback received during the consultation period will be reviewed and considered as part of the consent review process by BCFSA’s Superintendent of Financial Institutions and the Credit Union Deposit Insurance Corporation of British Columbia (“CUDIC”).
We would like to thank everyone who provided feedback during our consultation period. Further information regarding the First West application will be made available following the completion of BCFSA’s consent review process.
Please see the Frequently Asked Questions (FAQs) below to learn about First West’s application and the process that credit unions must undertake to transfer incorporation from one jurisdiction to anotheFederal Continuance FAQs
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.
BCFSA safeguards confidence and stability in B.C.’s financial sector through consumer protection while also allowing the financial sector to take reasonable risks and compete effectively.
With increased adoption of digital technology in the financial services sector, B.C.’s citizens and its economy are increasingly exposed to the risk of information security incidents that could compromise critical services or sensitive information.
Given the important role that BCFSA plays to oversee financial institutions’ management of these risks, BCFSA is considering the establishment of a new rule to require financial institutions to report material information security incidents.
We asked credit unions, insurance companies and trust companies to provide BCFSA with both verbal and written comments on specific policy issues related to the reporting of information security incidents to the regulator.
This consultation period is now closed. Responses and feedback will inform BCFSA’s next steps, including seeking ministerial approval to conduct a separate public consultation on a draft Incident Reporting Rule.
We would like to thank everyone who provided feedback during our consultation period. We will post a summary document of this feedback on this page as soon as possible.
Following consultation with stakeholders, including sector representatives, associations and others, BC Financial Services Authority (“BCFSA”) has published a Recovery Plan Guideline outlining the expectations for all financial institutions that are incorporated in B.C.
Our consultation has now closed.
The 60-day consultation was initiated with the release of our draft Recovery Plan Guideline on October 4, 2021. BCFSA met with various stakeholder organizations and sub-sector representatives and invited stakeholders to submit written feedback.
BCFSA values the feedback it receives during its consultations. Where appropriate, the feedback was used to amend and strengthen the Guideline. For further information, please see the Recovery Plan Guideline and a summary of BCFSA’s responses to the feedback received during the consultation: