December 5, 2019

RECBC to integrate with the new BC Financial Services Authority

Professional Regulation

On November 1, 2019, a new Crown agency, the BC Financial Services Authority (BCFSA), replaced the Financial Institutions Commission (FICOM) as BC’s financial sector regulator (for credit unions, insurance companies, trust companies, mortgage brokers, and pension plans).

Additionally, government intends to integrate, into the BCFSA, the Real Estate Council of British Columbia and the Office of the Superintendent of Real Estate. The Ministry of Finance has indicated its hopes for legislation respecting these changes expected for fall 2020, and anticipates integration for spring 2021.

Lisa C. Fong and Michael Ng