- Mortgage Brokers
- Pension Plans
- Financial Institutions
- C.U. Deposit Insurance
The BC Financial Services Authority (BCFSA) is a Vancouver-based crown regulatory agency of the British Columbia Government. Our four pillars of responsibility are pension plans, mortgage brokers, financial institutions (including credit unions, insurance and trust companies) and the Credit Union Deposit Insurance Corporation.
We take a risk-based approach to financial services supervision fitted to dynamic nature of the sectors we oversee. Our primary focus has remained consistent as we´ve evolved over the last 25 years - to safeguard the interests of depositors, policyholders, beneficiaries and pension plan members.Our History
The BCFSA was established in 2019. Turning FICOM into a new Crown agency was a recommendation of a 2017 independent review of FICOM and was supported by B.C.'s auditor general. Enabling legislation and cabinet orders establishing the BCFSA as an independent crown agency were brought into force in 2019 and full implementation was completed in November of that year.
The BCFSA's predecessor, the Financial Institutions Commission (FICOM), was established in 1989 to contribute to the safety and stability of the British Columbia financial sector. In that year, Finance Minister Mel Couvelier brought together two offices, the Superintendent of Financial Institutions and the Credit Union Deposit Insurance Corporation. Minister Couvelier sent a letter of expectations to our first CEO stating:
The mandate of FICOM is to provide equitable and balanced regulation of provincially regulated financial
institutions in British Columbia. This includes providing deposit insurance for and managing the stabilization of
In that letter, the Minister of Finance stated that FICOM was not to regulate to the point that it would guarantee no financial institution failed:
The government does not have a duty to guarantee that there are never any losses.
The intent was to strike a "difficult balance" between protecting the public while maintaining market efficiency. Regulation was to be equitable, ensuring healthy competition between institutions without advantages or disadvantages being imposed by government:
The mandate I have articulated is meant to convey an objective of ensuring that financial institutions are reasonably prudent, that the risks are acceptable and that the public has appropriate protection.As originally envisioned, FICOM also had an important role to play in the regulation of the insurance and mortgage brokering sectors. Since that time, the scope of the regulator has expanded. On April 1, 2003, the Pension Standards Branch joined FICOM. Adding this key pillar brought the administration and enforcement of the Pension Benefits Standards Act within the Commission. The Act governs employment pension plans that have members in British Columbia other than those administered by the federal government.
FICOM also had a role to play in the supervision of the self-regulating BC Real Estate Council until 2016. In June 2016, an independent advisory group, led by the Superintendent of Real Estate at FICOM made recommendations to enhance protections for real estate consumers in B.C. As a result of the recommendations, the Province ended self-regulation of the real estate profession and created a free-standing Office of the Superintendent of Real Estate with its own rule-making powers
Starting in 2001, FICOM began to change its regulatory and supervisory approach. The past approach to financial services focused on compliance with statutes and regulation. But significant developments in the financial services industry have changed the nature of the risks and risk management. Like many other financial services regulators in the world, FICOM adopted a risk-based approach to financial services supervision. The focus of the BCFSA's supervisory work continues to be to determine the impact of current and potential future events. We continue to make BCFSA's risk-based supervision as dynamic and forward looking as possible to ensure that we can respond effectively to changes in the British Columbian and Canadian financial sectors, now and in the future.
BCFSA's core business areas are supported by the following departments: Records, Systems, Accounting, and the CEO’s office.
These departments provide a wide variety of services including records management, reception, communications, systems support, accounting, budgeting, purchasing, freedom of information requests, policy research, legislative reviews, performance planning and reporting, strategic human resources management, and secretarial support.