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BCFSA is a regulatory Crown agency of the Government of British Columbia. We regulate credit unions, trust companies, insurance companies, pension plans, mortgage brokers, real estate service providers, and the Credit Union Deposit Insurance Corporation.
A Government-appointed Board of Directors oversees our operations and we regularly report to citizens and the Government of British Columbia on our planning, governance and accountabilities.
As a self-funded Crown corporation, BCFSA is accountable to the provincial legislature and the public through the Minister of Finance. Our operations are funded by the industry institutions and individuals we regulate.
BCFSA annually receives a mandate letter from the Minister of Finance that sets out the role and responsibilities for BCFSA and the government’s expectations for the year ahead.
Each year, we prepare and submit a Three-Year Service Plan that commits us to achieving performance targets for the years ahead.
At the end of the year, we submit our Annual Service Plan Report to the Minister of Finance, reporting on our performance against the goals and performance targets identified in our Service Plan. Each Annual Service Plan report includes our audited financial statements.
To ensure transparency of reporting, we submit other financial reports every year, including an annual Financial Information Act Report, and an Executive Compensation Disclosure.
The fiscal year of BCFSA begins on April 1 in each year and ends on March 31 in the following year.
BCFSA 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 B.C. Government has retained the authority to approve any changes to the existing fee structure for 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.
BCFSA applies the Public Sector Employers’ Act (“PSEA”) as we collaborate with the Public Sector Employers’ Council (“PSEC”) Secretariat and other public sector employers on the application of human resource policies and practices.