I’m pleased to share with you today that the B.C. government is delivering on its commitment to strengthen oversight of the financial services sector by establishing a new Crown agency, the BC Financial Services Authority.
Today the B.C. government introduced enabling legislation, the Financial Services Authority Act, to update the structure of the Financial Institutions Commission (FICOM) to make it an independent Crown agency. The new agency will have responsibility for regulation of mortgage brokers, insurance and trust companies, pensions and credit unions. It will be operationally independent, yet accountable to government, and funded by industry. For more information, read the news release now.
We know the financial services sector is rapidly evolving. The government is making these changes to improve the regulator’s stability, address high vacancy rates within the organization and better align the structure of the organization with international standards and best practices.
The new Authority is expected to be fully operational later this year. In the meantime, FICOM will continue to be the regulatory authority for the credit union, insurance and trust sectors.
I would like to thank you for your support as we go through this transition, and we are working hard to ensure it is as seamless as possible for stakeholders and the public.
Should you have any questions about the new legislation please contact the Financial and Corporate Sector Policy Branch at FCSP@gov.bc.ca.
Lori Wanamaker, FCPA, FCA
Ministry of Finance