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BC Financial Services Authority (“BCFSA”) today announced the launch of a new framework for industry engagement designed to enhance dialogue and transparency between the financial services sector regulator and representatives of its regulated segments. To establish opportunities to receive and consider input on both strategic and technical levels, BCFSA has implemented a two-pronged approach to stakeholder advisory groups through the establishment of Industry Roundtables and Technical Working Groups.
These advisory groups will enable BCFSA to obtain essential input and insights directly from industry members on its regulatory agenda, including the BCFSA Regulatory Roadmap, and specific regulatory proposals. The new advisory groups are in addition to and will complement BCFSA’s already well-established engagement practices with industry associations representing the interests of members in various segments of the financial services sector.
Robust dialogue with key stakeholders, including industry members, is an important element in the effectiveness of BCFSA’s oversight of the financial services sector. Building on the success of BCFSA’s existing engagement practices, the Industry Roundtables and Technical Working Groups will provide BCFSA with opportunities to obtain views and insights on regulatory priorities through regular engagement with stakeholders. Information about the new advisory groups, including membership, will be made available on BCFSA’s website.
BCFSA’s mandate is to instill confidence in the financial services sector by focusing on the safety and soundness of regulated entities and protecting consumers. BCFSA must safeguard the interests of consumers such as depositors, policyholders, beneficiaries, pension plan members, and home sellers and buyers while at the same time allowing the financial services sector to take reasonable risks and compete effectively. BCFSA is committed to an open, transparent, and collaborative approach to stakeholder engagement which is inclusive and ensures broad input and perspectives to inform its direction when developing its regulatory guidance.
To gather strategic input on emerging risks and trends, BCFSA will convene annual roundtables of industry leaders to discuss strategic and emerging issues within their segment. BCFSA will consider these perspectives as one of the inputs into the development of BCFSA’s priorities for the Regulatory Roadmap. In the 2023/24 fiscal year, BCFSA will convene the Credit Union Roundtable and Real Estate Roundtable.
BCFSA has opened nominations for those seeking to participate on the Credit Union or Real Estate Roundtable. The Roundtables are intended to reflect the diversity of each segment, with representation from across the province of organizations of varying sizes and complexity. Nomination forms, including for self-nomination, are available here:
The deadline for nominations is September 20, 2023. BCFSA will select, in its sole discretion, roundtable members based on nominations received. The term of membership is two years with the possibility of extension, and BCFSA expects to announce roundtable appointments in the fall of 2023, with terms to begin immediately. Roundtable members will receive no compensation for their services.
BCFSA will convene Technical Working Groups, when appropriate, to solicit external feedback on planned regulatory initiatives. These ad-hoc committees will be composed of external subject matter experts who are invited to provide their perspectives on proposed regulatory initiatives and to identify potential issues, risks or unintended consequences that could result from the initiative.
When a technical working group is convened, BCFSA will ensure transparency by providing information online through its website about the mandate, term, and membership of the group. Members are selected based on their knowledge, skills, and experience and will receive no compensation for their services.
Industry Roundtables and Technical Working Groups are advisory in nature. BCFSA will consider input from these groups in the development of regulatory initiatives and priorities that can be integrated, as applicable, in the Regulatory Roadmap. However, input from roundtables and working groups may or may not result in action or policy change.
Please review the Consultation and Engagement section of BCFSA’s website for more information about Industry Roundtables and Technical Working Groups.
If you have any questions about BCFSA’s Advisory Group Framework, please reach out to our Stakeholder Engagement team at [email protected].