- Mortgage Brokers
- Pension Plans
- Financial Institutions
- C.U. Deposit Insurance
BC Financial Services Authority is a new, independent Crown agency that regulates credit unions, insurance and trust companies, pensions and mortgage brokers.
In announcing the legislation to create the BCFSA (2019), Minister of Finance Carole James said:
"The financial services sector is rapidly evolving. This legislation will make sure B.C.'s financial services regulator is modern, effective and efficient for decades to come."
The new Authority safeguards confidence and stability in British Columbia's financial sector by protecting consumers from undue loss and unfair market conduct. The BCFSA operates under its own governing legislation and is responsible for administering six additional statutes that regulate the pension and financial services in British Columbia.
The primary focus of this regulation is to ensure that:
A Risk-based Approach to Regulating Financial Institutions and Pension Plans
The BCFSA supervises and regulates financial institutions (credit unions, insurers and trust companies) and pension plans to determine whether they are in sound financial condition and are complying with their governing laws and supervisory standards.
We uses a risk-based supervisory framework to identify imprudent or unsafe business practices and intervenes on a timely basis, as required. Risk assessment is forward-looking. This view facilitates the early identification of issues or problems, and timely intervention where corrective actions need to be taken, so that there is a greater likelihood of a satisfactory resolution of issues.
The focus is on early identification of risk and the allocation of resources to institutions and plans with the highest risk profile.
The former Financial Institutions Commission released a regulatory framework in June 2012
The Superintendent of Pensions released a regulatory framework in May 2014