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British Columbians deserve to feel confidence that when they buy or sell a home, invest in their pension, borrow or save their money that their transactions are safe, legal and protected.
BC Financial Services Authority regulates and oversees important financial transactions in British Columbia to ensure fairness, legality and prosperity of consumers and the province.
We’re providing protection for life’s big moments.
BCFSA safeguards confidence and stability in British Columbia’s financial sector by protecting consumers from undue loss and unfair market conduct. BCFSA operates under its own governing legislation and is responsible for regulating B.C.’s financial services sector, including real estate.
Our ability to investigate, ensure compliance with the rules and, where necessary, discipline various parties in the financial services sector means that you’re protected.
Whether you’re buying a house or planning for your retirement, we want to ensure that the individuals and institutions you engage with are trained and licensed and that your transactions are completed properly.
We ensure that:
- Financial institutions and pension plans remain solvent;
- Market conduct requirements are respected;
- Unsuitable individuals do not participate in financial service markets; and
- Through the Credit Union Deposit Insurance Corporation (CUDIC), that credit union deposits and non-equity shares (issued prior to January 1, 2020) are insured.
Learn more about us by viewing our Mandate Letter and Service Plan: Corporate Plans and Publications
At BCFSA we’re committed to upholding a strong set of values which demonstrate that our work in the public interest is principled, fair and transparent.
BCFSA supervises and regulates credit unions, insurers, trust companies and pension plans to determine whether they are in sound financial condition and are complying with their governing laws and supervisory standards.
We use a risk-based supervisory framework to identify imprudent or unsafe business practices. Risk assessment is forward-looking. It allows us to identify issues or problems early on, and to take corrective actions when needed, so that there is a greater likelihood of a satisfactory resolution of issues.
By focusing on risk assessment, we are able to allocate resources effectively to institutions and plans with the highest risk profile.