- Mortgage Brokers
- Pension Plans
- Financial Institutions
- C.U. Deposit Insurance
The Structure of the BCFSA
The BC Financial Services Authority is BC's newest regulator.
The Lieutenant Governor in Council (the provincial cabinet with the approval of the Lieutenant Governor) appoints between 2 and 11 Board Members to oversee the BC Financial Services Authority. Under the provisions of the Financial Services Authority Act 2019, the Lieutenant Governor in Council also appoints a Board Chair and Vice Chair. This Board of Directors is responsible for appointing the CEO of the BCFSA.
The CEO serves in several statutory capacities including Superintendent of Financial Institutions, Superintendent of Pensions, Registrar of Mortgage Brokers and CEO of the Credit Union Deposit Insurance Corporation (CUDIC) under the corresponding legislation.
Day-to-day regulatory and operational decisions are administered by the CEO and approximately 150 staff hired for their financial services and regulatory expertise.
BCFSAâ€™s executive team structure focuses on specific areas of expertise: A Vice President and Deputy Superintendent of Pensions, Vice Presidents who serve as Deputy Superintendents of Financial Institutions (FI) Supervision and FI Regulation, a Vice President who is Deputy Superintendent of FI Market Conduct and also Deputy Registrar of Mortgage Brokers, and a Vice President of Corporate Services providing support to all the core business areas.
Blair Morrison, CEO of BCFSA
Blair Morrison was appointed CEO of FICOM and the BCFSA effective July 22, 2019. In that capacity, Mr. Morrison is BCâ€™s Superintendent of Financial Institutions, Superintendent of Pensions, Registrar of Mortgage Brokers and CEO of the Credit Union Deposit Insurance Corporation (CUDIC). His FICOM role was phased out with the full transition to the BCFSA on November 1, 2019.
|BCFSA CEO Blair Morrison|
The CEO has the power to appoint the executive officers and employees of the Authority and determine their remuneration and the terms and conditions of their employment subject to the Board's resolutions and bylaws.
Role of the BC Financial Services Authority Board of Directors
The Board of Directors exercises powers and carries out duties assigned to it under the Financial Services Authority Act 2019, the Financial Institutions Act (FIA), and the Credit Union Incorporation Act (CUIA) relating to the regulation and supervision of provincially licensed insurance companies, trust companies and credit unions. It does not have statutory powers under the Mortgage Brokers Act or the Pension Benefits Standards Act. Two other pieces of legislation, the Insurance Act, and the Insurance (Captive Company) Act are also administered by the BCFSA although the Board is not referenced in those Acts.
|BCFSA Chair Dr. Stanley Hamilton||BCFSA Vice Chair Wilma van Norden|
Through the exercise of FSSA, FIA and CUIA powers, the Board makes major regulatory decisions regarding incorporations, business authorizations, amalgamations, liquidations and windups. The BCFSA Board of Directors also serves as the Credit Union Deposit Insurance Corporation Board of Directors with oversight of CUDIC policy and operations. The Lieutenant Governor in Council makes regulations under current legislation. The BCFSA does not have rule making powers at this time.
Chair Dr. Stanley W. Hamilton
Dr. Hamilton is an emeritus professor at UBC's Sauder School of Business. During his career at UBC Dr. Hamilton taught and conducted research in real estate valuation and investments, institutional investments, pension fund governance and the real estate brokerage industry. He also served in a number of senior administrator roles at UBC.
Vice Chair Wilma van Norden
Vice Chair Wilma van Norden is a Chartered Professional Accountant. Previously, Ms. van Norden was a Managing Director and Senior Supervisor for Office of the Superintendent of Financial Institutions Canada. Her 35-year career involved working in and regulating financial institutions, including banks, trust companies, insurance companies, pension plans and credit union system entities.
For details on the Board of Directors.
Fees, Budgets, Transparency
The Authority must not incur or budget for a deficit but may borrow in order to exercise its powers or perform its duties when authorized by the Lieutenant Governor in Council and the Minister of Finance. The BC Government has retained the authority to approve any changes to the existing fee structure for the BCFSA. BCFSA consults to gather industry feedback when proposing fee changes and these proposals are included in a submission to Treasury Board requesting approval. Cabinet approval is required to implement fee changes through regulation.
As a Crown agency, the B.C. financial services authority will receive a mandate letter from the B.C. government and must maintain a service plan and other transparent reporting requirements. The fiscal year of the Authority begins on April 1 in each year and ends on March 31 in the following year.
Dissolution of the Financial Institutions Commission (FICOM)
For thirty years, FICOM was BCâ€™s integrated regulator of financial services. With the full implementation of the BC financial Services Authority, FICOM has been dissolved. Proceedings and other activities that were commenced or conducted by FICOM prior to its dissolution, or to which the Commission was a party, are deemed to be proceedings and other activities commenced or conducted by the BC Financial Services Authority. A ruling, order or judgment in favour of or against the Commission may be enforced by or against the BCFSA.