Stakeholders

a group of people look at some documents together in a room

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

  • Real Estate Services Rules Amendments

    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 24 to April 24, 2022, BCFSA invited feedback from B.C. consumers and licensees on proposed amendments to the Rules respecting teams and trust accounting. BCFSA would like to thank everyone who provided feedback. A summary document of the feedback received will be posted following review and analysis.

    To learn more about the Real Estate Services Rules amendments, please review the annotated draft Rules and accompanying FAQs.

    Learn More
  • 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.

    The Draft Recovery Plan Guideline was released on October 4, 2021, and our 60-day consultation process has now closed. The consultation included meeting with various stakeholder organizations and sector representatives. Also, during the consultation phase, we invited our stakeholders to submit written feedback. BCFSA values the feedback it receives during its consultations and, where appropriate, feedback is 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 in early 2022.

  • Consultation on CUDIC Deposit Data Requirements

    The Credit Union Deposit Insurance Corporation of British Columbia (“CUDIC”) is consulting 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.

    Over the 90-day consultation period, CUDIC is seeking feedback from credit unions on the enhancements included within Version 3 related to the six Primary Payout System Extracts. From March 21 to June 21, 2022, credit unions are invited to review the draft of Version 3, participate in information sessions, and provide written feedback.

    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.

    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”).

    The period for giving feedback has now closed. We would like to thank everyone who submitted their suggestions on the key inputs discussed in this consultation paper.

    A report with the consultation feedback will be developed in early 2022, 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

    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

  • 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 asked BCFSA to consult with key industry stakeholders and experts to determine the parameters of this new measure. The Province 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.

    BCFSA engaged with industry associations, including real estate boards. All communications received were forwarded to the Ministry of Finance for consideration.

    Learn More

    Regulation of Real Estate Teams

    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.

    Consultation Reports and Materials

    Licensing Fee Changes 2021

    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.

    Consultation Reports and Materials

    Role of Managing Brokers in B.C.’s Changing Real Estate Landscape

    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.

    Project Timeline

    managing broker consultation timeline

    Consultation Reports and Materials

  • Public Consultation: First West Application to Become Federal Credit Union

    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 anothe

    Federal Continuance FAQs

    Revised Credit Union Reporting Templates and Instructions

    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.

    Consultation Reports and Materials

    Risk-Based Premium Assessment Methodology

    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.

    Consultation Reports and Materials

  • Revised BC Trust Regulatory Reporting Template

    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.

    Consultation Reports and Materials

  • Information Security Guideline and Outsourcing Guideline

    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.

    Consultation Materials

  • 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.

  • 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