BC Financial Services Authority
(“BCFSA”)
2023/24 – 2025/26
Service Plan
February 2023
BC Financial Services Authority
2023/24 – 2025/26 Service Plan Page | 3
Board Chair’s Accountability Statement
The 2023/24 – 2025/26 BC Financial Services Authority (“BCFSA”)
Service Plan was prepared under the Board’s direction in accordance
with the Budget Transparency and Accountability Act. The plan is
consistent with government’s strategic priorities and fiscal plan. The
Board is accountable for the contents of the plan, including what has
been included in the plan and how it has been reported. The Board is
responsible for the validity and reliability of the information included
in the plan.
All significant assumptions, policy decisions, events and identified
risks, as of February 2023, have been considered in preparing the
plan. The performance measures presented are consistent with the Budget Transparency and
Accountability Act, BCFSA’s mandate and goals, and focus on aspects critical to the
organization’s performance. The targets in this plan have been determined based on an
assessment of BCFSA’s operating environment, forecast conditions, risk assessment and past
performance.
Signed on behalf of the Board by:
Stanley Hamilton
Board Chair, BC Financial Services Authority
February 14, 2023
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Table of Contents
Board Chair’s Accountability Statement ............................................................................................... 3
Strategic Direction ................................................................................................................................... 5
Purpose of the Organization and Alignment with Government Priorities ....................................... 6
Operating Environment .......................................................................................................................... 6
Annual Economic Statement .................................................................................................................. 8
Performance Planning ............................................................................................................................ 9
Financial Plan ......................................................................................................................................... 24
Appendix A: Mandate Letter from the Minister Responsible .......................................................... 26
Appendix B: (RECBC) Letter of Direction from the Minister Responsible ....................................... 33
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2023/24 – 2025/26 Service Plan Page | 5
Strategic Direction
In 2023/24, public sector organizations will continue working to make life better for people in
B.C., improve the services we all rely on, and ensure a sustainable province for future
generations. Government will focus on building a secure, clean, and fair economy, and a
province where everyone can find a good home – whether in a rural area, in a city, or in an
Indigenous community. B.C. will continue working toward true and meaningful reconciliation
by supporting opportunities for Indigenous Peoples to be full partners in an inclusive and
sustainable province. The policies, programs and projects developed over the course of this
service plan period will focus on results that people can see and feel in four key areas:
attainable and affordable housing, strengthened health care, safer communities, and a secure,
clean, and fair economy that can withstand global economic headwinds.
This 2023/24 service plan outlines how BC Financial Services Authority (“BCFSA”) will support
the government’s priorities and selected action items identified in the Crown Agency Mandate
Letter and letter of direction.
BCFSA is a Crown agency of the Government of British Columbia headquartered in Vancouver.
BCFSA oversees the financial services sector which includes pension plans, mortgage brokers,
real estate services, real estate development marketing, and financial institutions (including
credit unions, insurance, and trust companies). BCFSA also administers the Credit Union
Deposit Insurance Corporation of British Columbia (“CUDIC”).
BCFSA was established by the Financial Services Authority Act (“FSAA”) and has accountabilities
under the following ten statutes (which are accessible via the applicable hyperlink) and
associated regulations:
• Financial Services Authority Act, 2019
• Credit Union Incorporation Act
• Financial Institutions Act
• Insurance Act
• Insurance (Captive Company) Act
• Mortgage Brokers Act
• Pension Benefits Standards Act
• Real Estate Services Act
• Real Estate Development Marketing Act
• Strata Property Act
BCFSA’s operations are aligned with the priorities set out in its Mandate Letter issued by the
Minister of Finance of British Columbia (“Minister of Finance”).
A properly functioning and efficient financial services sector in which British Columbians can
place their trust and confidence is essential to the Province’s economy. To achieve this
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2023/24 – 2025/26 Service Plan Page | 6
objective, BCFSA safeguards the interests of depositors, policyholders, beneficiaries, pension
plan members, and participants in the real estate market, while at the same time allowing the
financial sector to take reasonable risks and compete effectively. BCFSA’s goal is to balance
sector competitiveness with financial stability as well as federal and international standards
with local market realities.
Purpose of the Organization and Alignment with
Government Priorities
In support of the Government of British Columbia’s priority to help build a better Province for
everyone, BCFSA oversees many of the most important financial services used by British
Columbians by regulating credit unions, trust companies, insurance companies, pension plans,
mortgage brokers and real estate licensees. BCFSA focusses on the safety and soundness of
the sector and its participants as well as consumer protection for the prosperity of both
individual British Columbians and the province of B.C. Through modern, effective, efficient
oversight, enforcement, and guidance, BCFSA works to make B.C. a place where people can
have confidence in the financial services they receive.
BCFSA serves the public by regulating financial services and is accountable to the public
through the Minister of Finance.
Operating Environment
BCFSA began operations as a new Crown agency on November 1, 2019, by assuming the
regulatory accountabilities of the Financial Institutions Commission (“FICOM”). The transition
was driven by the need to create a modern, effective, and efficient regulator with the
independence and flexibility necessary to regulate a financial services sector that has grown
both in importance and complexity.
On August 1, 2021, BCFSA assumed accountability for regulation of real estate services,
including the licensing, conduct, investigations, and discipline of real estate licensees, and real
estate development marketing.
The Employee Engagement goal has been removed from this year’s Annual Service Plan as
BCFSA has effectively addressed the employee issues that precipitated the need for such a
goal in the past. Through the effective operationalization of a range of people practices, it has
significantly lowered its vacancy and employee attrition rates compared to those experienced
by FICOM. Further, last year which was its first full year as an integrated regulator following
integration with the Real Estate regulators, BCFSA achieved Great Place To Work
©
status.
Employee Engagement is now a strength of the organization, contributing to its success
delivering against its mandate. Looking forward, BCFSA will continue to focus on Employee
Engagement through ongoing dialogue and action plans.
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Financial Services Landscape
The scope of BCFSA’s regulatory mandate reflects the size and complexity of the financial
services sector in B.C. which, as of December 31, 2022, included:
• 34 credit unions with more than $77.6 billion in assets;
• 636 pension plans with approximately $212.2 billion in assets;
• Over 215 insurance and trust companies (including extra-provincials);
• Over 7,000 mortgage brokers and brokerages; and
• Over 37,000 real estate licensees, brokerages, branches, and personal real estate
corporations.
Central 1 Credit Union, which undertakes various centralized activities such as clearing and
payments for credit unions, acts as a “central” in both B.C. and Ontario. Some pension plans
with members in B.C. also have members in other provinces. Many of the insurance and trust
companies BCFSA oversees operate in other provinces. Mortgage brokers and real estate
licensees may be authorized to do business in other provinces.
This landscape makes cooperation and harmonization with other regulators in Canada a
priority. BCFSA is an active partner in national regulatory associations including: the Canadian
Council of Insurance Regulators (“CCIR”); Credit Union Prudential Supervisors Association
(“CUPSA”); Canadian Association of Pension Supervisory Authorities (“CAPSA”); Mortgage
Broker Regulators’ Council of Canada (“MBRCC”); and the Real Estate Regulators of Canada
(“RERC”).
BCFSA’s Approach to Supervision and Market Conduct
BCFSA uses a risk-based prudential supervisory framework to identify imprudent or unsafe
business practices and intervenes on a timely basis, as required. The rationale, principles,
concepts, and core processes in the supervisory framework apply to all the BCFSA regulated
financial entities in British Columbia. The primary focus of BCFSA’s supervisory work is to
determine the impact of current and potential future financial events, both within British
Columbia and externally.
BCFSA is focused on protecting and achieving fair outcomes for consumers of financial
services in British Columbia. BCFSA works to ensure that regulated entities and individuals
provide British Columbians with the information and advice they need to make the right
decisions from them.
The COVID-19 pandemic has brought increased risk and uncertainty to the financial services
sector. As the B.C. economy moves forward from the pandemic, BCFSA will continue its focus
on the safety and soundness of the financial services sector and ensuring that consumers are
protected from unfair practices.
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To date, the financial entities regulated by BCFSA, as a whole, have shown resilience in the face
of the risks posed by the pandemic. BCFSA will continue to monitor the marketplace to ensure:
(i) consumer expectations are met by the products they have purchased; (ii) misconduct is
addressed particularly when targeted towards vulnerable British Columbians; and (iii) that new
and innovative products are understood and appropriately regulated.
Annual Economic Statement
B.C.’s economy has been resilient to pandemic, geopolitical and climate-related disruptions.
However, higher interest rates are expected to weigh on the economy in the coming years.
Following a rapid recovery from the economic impacts of the COVID-19 pandemic, high
inflation led to successive interest rate increases from the Bank of Canada in 2022. The impact
of higher interest rates has been evident in housing markets and there is uncertainty over its
transmission to the rest of the economy in B.C. and among our trading partners. B.C. is
heading into this challenging period in relatively strong position, with a low unemployment
rate. The Economic Forecast Council (EFC) estimates that B.C. real GDP expanded by 3.0 per
cent in 2022 and expects growth of 0.5 per cent in 2023 and 1.6 per cent in 2024. Meanwhile
for Canada, the EFC estimates growth of 3.4 per cent in 2022 and projects national real GDP
growth of 0.5 per cent in 2023 and 1.5 per cent in 2024. As such, B.C.’s economic growth is
expected to be broadly in line with the national average in the coming years. The risks to B.C.’s
economic outlook center around interest rates and inflation, such as the risk of further
inflationary supply chain disruptions, the potential for more interest rate increases than
expected, and uncertainty around the depth and timing of the impact on housing markets.
Further risks include ongoing uncertainty regarding global trade policies, the emergence of
further COVID-19 variants of concern and lower commodity prices.
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Performance Planning
BCFSA will engage in regular communications with the Ministry of Finance toward the
achievement of the goals as well as on matters within its regulatory accountabilities.
Goal 1: Enhance Risk Based Supervision
Risk based supervision forms the foundation for a modern, effective, and efficient supervisory
approach. Specifically, the approach is to ensure risk assessments are forward-looking and
focused on key risks facing the system while addressing these risks in a proportional manner
relative to severity and impact.
Objective 1.1: Advance BCFSA’s risk-based and proportionate
supervision of the financial services sector and efforts to enhance the
overall safety and soundness of the sector.
BCFSA’s supervisory mandate relates to the safety and soundness of the sector and includes
overseeing financial institutions and pension funds. Protecting the public is a key part of this
mandate. A proportionate approach to supervision is required to protect the public while
recognizing that sector participants vary in size and complexity. BCFSA’s framework for risk-
based supervision is informed by federal and international standards as adjusted for local
market realities.
Key Strategies
• Continual review of BCFSA’s supervisory framework (the “Supervisory Framework”)
ensures a consistent and modern approach to supervision of the financial services
sector that evolves with the changing macro-economic environment risk drivers to
remain a relevant tool overseeing the B.C. financial services sector.
• Revise the Supervisory Framework as required to reflect and align advancements in
BCFSA’s regulatory approach with other federal and provincial regulators including the
management of risks related to cyber, anti-money laundering, and retail credit.
• Develop an internal operational playbook for supervisory activities to enable a
consistent methodology and approach to proportionate monitoring and risk
assessment reviews reflective of varying size, scope, and complexity of regulated
entities in BC.
• Design and pilot of monitoring processes to complete risk assessments for pension
plans. This risk assessment process, based on application of the risk framework, will
include both desk and on-site reviews.
Discussion
In order to deliver against BCFSA’s key strategic imperatives for safety and soundness of the
financial services sector, developing, maintaining, and implementing an agile Supervisory
Framework that can reflect the changing financial service and market environments is critical.
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Fundamental elements of risk-based, proportional, and forward-looking oversight
methodologies are imbedded within the Supervisory Framework. BCFSA will focus on the key
risks including credit, market, and operational risk such as interest rates and climate change,
while ensuring the sector has an awareness of current, emerging, and potential risk drivers
requiring effective governance and risk management oversight by each regulated Financial
Institution. Supporting this, at least one (1) meeting per quarter (in-person or virtual) with
each financial institution (credit union, insurance company, and trust company) will be
conducted and supervisory letters will be delivered no later than 60 days from the exit
meeting.
Performance Measures
Performance Measure[s]
2022/23
Forecast
2023/24
Target
2024/25
Target
2025/26
Target
[1a] Supervisory Framework
to be reviewed at least
annually for applicability with
revisions as required to reflect
changes in the financial
services environment (new
risks) and evolution in BCFSA
tools and risk assessment
processes or priorities.
100%
reviewed and
revised as
needed
100%
reviewed and
revised as
needed
100%
reviewed and
revised as
needed
100%
reviewed and
revised as
needed
[1b] Percentage of
supervisory meetings
(includes in person and virtual
meetings) with financial
institutions (credit unions,
insurance companies and
trust companies) in the fiscal
year.
100% 100% 100%
100%
Data source: BCFSA Operational Data
Discussion
Ensuring the Supervisory Framework reflects current and emerging risk drivers is foundational
to modern, effective, and efficient supervision of the financial services sector. The Supervisory
Framework provides the methodology which BCFSA follows in assessing the risk profiles of
regulated entities.
The goal for increasing supervisory meetings is to establish a mutual understanding of issues
facing B.C. financial institutions and foster a better understanding of the issues by BCFSA.
Through the expanded engagement with the Provincially Regulated Financial Institutions,
there is a shared accountability for ensuring regular dialogue between stakeholders remains
key to ensuring the ongoing strength and viability of the. financial services system. These
quarterly meetings have been facilitated with the use of virtual meeting platforms, greatly
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enhancing the effectiveness and efficiency of these engagements for both the Provincially
Regulated Financial Institutions and BCFSA.
Goal 2: Provide effective consumer protection
BCFSA protects British Columbians by upholding conduct standards in the financial services
sector including credit unions, insurance companies, trust companies, pension plans,
mortgage brokers, real estate licensees, and real estate developers.
Objective 2.1: Modern, effective, and efficient consumer protection
regulation.
BCFSA supports effective consumer protection by administering a range of proactive
monitoring activities (i.e., audit/examination programs, and industry data calls and surveys) to
identify and respond to emerging risks, and by setting robust requirements for registration or
licensing with BCFSA. In circumstances where there is non-compliance, the goal of BCFSA’s
compliance and enforcement model ensures that BCFSA is to resolve complaints efficiently
using proportionate discipline actions to enforce regulatory requirements.
Key Strategies
• Assess each complaint for risk, assign a priority, and action appropriately to provide a
timely and responsive resolution.
• Proactively monitor market conduct activities to identify and intervene to address
harmful business practices in the financial services sector.
• Entry standards to apply more focus on identifying and responding to higher risk
applications, which require more information gathering and investigation to
adequately assess an individual’s or entity’s suitability to do business in B.C.
• Review all real estate developer disclosures for completeness and risk ensuring that
consumers can make informed decisions when purchasing strata properties.
• Explore opportunities to expand the use of the regulatory toolbox (e.g., administrative
penalties) to take proportionate and meaningful enforcement action to address non-
compliance across all regulated segments.
Discussion
BCFSA protects consumers though the implementation of a multipronged approach of setting
entry-to-practice requirements, proactive monitoring of compliance, and taking proportionate
enforcement action for non-compliance.
BCFSA will continue to ensure that all applicants that are licensed or registered have the
knowledge and skills that are required so that their practice meets high standards of
professionalism. A focus on entry standards will ensure suitable applicants undergo
appropriate examination to ensure they do not pose a risk to consumers.
Regulated entities will continue to be proactively monitored to ensure that they are complying
with regulatory requirements. Where issues are identified, BCFSA may intervene to address
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harmful business practices in the financial services sector. BCFSA will also risk-asses all
allegations for non-compliance, and action complaints appropriately to provide a timely and
responsive resolution.
Where required, BCFSA may require more complete disclosure from developers, or exercise
regulatory powers including orders to cease marketing.
Objective 2.2: Support industry to adopt best practice conduct
standards
BCFSA provides industry with resources, knowledge, and education to support regulated
entities to understand regulatory requirements and obligations and to ensure that they
maintain a high conduct of standards, at all times, in their practice. Many regulated entities are
required to complete continuing education courses as part of the licence or registration
renewal cycle to ensure that they maintain and enhance their skills and that they understand
their role in the protection of the public.
Key Strategies
• Develop and expand continuing education standards.
• Develop and deliver continuing education for mortgage brokers by 2024.
• Equip industry with the information, tools, and practices to help it comply with its
market conduct accountabilities.
Discussion
Consumers rely on financial services at key moments in their life – buying a home, obtaining a
loan, protecting their health and possessions and retirement – and must have trust and
confidence in the services they are receiving.
Consumers are protected by having services delivered by competent and ethical regulated
entities and individuals. The availability of relevant resources that address emerging risks
across the sector is critical to ensuring that regulated entities and individuals have the tools
that they need to properly service consumers in accordance with regulatory requirements.
Continuing education supports consistency in knowledge and high standards of
professionalism and service delivery among regulated entities and individuals.
BCFSA is committed to continuous improvement in industry education. That commitment
includes a focus on key competencies and current issues (for example, anti-money laundering)
and exploration of opportunities to leverage infrastructure to service the needs of other
regulatory sectors.
In 2023/24, BCFSA will continue to publish resources and guidelines to respond to new
regulatory requirements or emerging industry risks and trends. This will include education and
resources to support the implementation of new rules for real estate teams.
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Objective 2.3: Work collaboratively with government to improve
financial crisis preparedness and in particular, ensure a sustainable and
effective deposit insurance program is in place.
CUDIC is a statutory corporation continued under the Financial Institutions Act (“FIA”) and
administered by BCFSA. CUDIC is responsible for administering and operating the credit union
deposit insurance fund. CUDIC guarantees the deposits and non-equity shares (issued before
January 1, 2020) of British Columbia incorporated credit unions.
As part of maintaining the deposit insurance fund and guarantee, CUDIC pro-actively plans for
unlikely credit union failures which requires depositors to be paid out from the fund. Financial
crisis preparedness requires CUDIC and BCFSA to work across the entire credit union system
and with other regulatory agencies.
BCFSA and CUDIC are committed to working collaboratively with government to maintain
preparedness and confidence in the credit union system, in the face of changes such as credit
union consolidations and federal continuance, new technologies, climate impacts, and
economic landscape.
Key Strategies
• Implement the approved BCFSA Differential Premium System (“DPS”). BCFSA and CUDIC
are committed to maintaining a modern, effective, and efficient methodology in
determining deposit insurance premiums that responds to the needs of a rapidly
changing credit union system and its depositors.
• Review and set Deposit Insurance Fund Size, reflecting international best practices, to
ensure the Fund size is credible and contributes to depositor confidence and system
stability.
• Review, every four years, the approach, and parameters used to determine the
adequacy of the current target Fund range, target point and funding timeline
leveraging research of cross-jurisdictional best practices regarding the establishment
of deposit insurance fund targets and consult with credit union system and industry
associations.
• BCFSA will review and update as necessary the Manual and Playbook as matters evolve.
• Work collaboratively with Government in continuous improvement in payout readiness,
including contingent funding provisions.
Discussion
Main
tenance of an appropriate Deposit Insurance Fund Size, a fair and equitable assessment
of insurance premiums, and continuous improvement in payout readiness are critical
elements in protecting depositors in B.C. BCFSA and CUDIC are committed to maintaining a
modern, effective, and efficient methodology in determining deposit insurance premiums that
responds to the needs of a rapidly changing credit union system and its depositors.
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2023/24 – 2025/26 Service Plan Page | 14
This is a forward-looking process that involves data collection, analysis, forecasts, and scenario
modelling. In 2023/2024, BCFSA will implement an updated differential premium system that
was approved in June 2021. BCFSA will continue to communicate and engage with the credit
unions and industry associations until implementation occurs and premiums are collected and
processed by CUDIC.
BCFSA is committed to reviewing the CUDIC Deposit Insurance Fund (the “Fund”) target size at
least every four years, or after a shock event (e.g., economic shocks, changes to credit union
system composition due to material consolidations or federal continuance). This reflects),
reflecting international best practices, to ensure the Fund size is credible and contributes to
depositor confidence and system stability. Actions undertaken can include reviewing of the
approach and parameters used to determine the adequacy of the current target Fund range,
target point and funding timeline, leveraging research of cross-jurisdictional best practices
regarding the establishment of deposit insurance fund targets as well as consulting with the
credit union system and industry associations.
CUDIC is committed to continuous improvement of the CUDIC Deposit Payout Program and
the CUDIC Deposit Payout Program Policy Manual and Playbook which outline the policies,
processes, and procedures to be followed in an event of a credit union deposit payout. A
prompt deposit payout of most deposits is required to ensure financial stability of the credit
union system and to protect depositors from undue loss.
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Performance Measures
Performance Measure[s]
2022/23
Baseline
2022/23
Forecast
2023/24
Target
2024/25
Target
2025/26
Target
[2a.i] Percentage of
complaints resolved within 3
months of receipt
1
resulting
in timely & responsive
outcomes
Establish
Baseline
75% 75% 75%
75%
[2a. ii] Increase monitoring of
market conduct activities
1
to proactively identify and
prevent harmful business
practices
Establish
Baseline
132
monitoring
activities
130
monitoring
activities
130
monitoring
activities
130
monitoring
activities
[2a.iii] Percentage of
complete applications
(requiring no further
investigation) for new
licensees processed within 15
business days of receipt
2
90% 90% 90% 90%
90%
[2a. iv] Mortgage broker
relicensing continuing
education required for
relicensing is developed and
delivered by BCFSA
2
Develop
Project
Plan
50% of
courses
developed
&
delivered
by BCFSA
100% of
courses
developed
&
delivered
100% of
courses
developed
&
delivered
100% of
courses
developed
&
delivered
[2a.v] Real estate
development and strata
rental disclosures are
reviewed and responded to
within 20 business days of
receipt
2
90% 90% 90% 90%
90%
Data source: BCFSA operational data
1
No baseline available, given 2.a.i and ,2a.ii are combined measures that will include operations of BCFSA, Real Estate
Council of BC, and Office of the Superintendent of Real Estate prior to their integration on August 1, 2021
2
New measures from calendar days to business days.
Discussion
Shorter average turnaround times on complaints demonstrates responsiveness to public
interest in timely resolution of the issues they raise with the regulator. In 2022/23, BCFSA will
establish a baseline that reflects the higher volume of complaints that BCFSA is managing and
the alignment of systems, processes, and file management practices that has occurred since
the integration of the real estate regulators in 2021/22.
An increase in market conduct monitoring activities demonstrates BCFSA’s commitment to
resourcing and growing its proactive market conduct supervision capabilities. Monitoring
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activities across BCFSA’s regulated sectors may include audits, targeted examinations of
specific regulated entities and individuals, increased data collection and reporting
requirements, thematic reviews of products or business practices, the issuance of regulatory
expectations, and implementation of industry codes of conduct.
BCFSA is committed to efficient and effective processing of real estate and mortgage broker
applications to do business in B.C., without compromising the need to undertake a thorough
review and investigation of high-risk applications to prevent unsuitable individuals and entities
from doing business in B.C.
Consumers should be able to expect consistent levels of competence and ethics from real
estate licensees and mortgage brokers. There is an established and robust continuing
education program for real estate licensees consisting of two mandatory regulated courses. By
adopting this program for mortgage brokers, BCFSA will raise standards for this sector by
building off BCFSA’s integrated approach to regulating the financial services sector.
Timely review of filed disclosures helps to ensure that deficiencies and risks are identified
early, and addressed by developers, to better protect the purchasers of multi-unit
developments.
Performance Measure[s]
2022/23
Forecast
2023/24
Target
2024/25
Target
2025/26
Target
[2b.i] Complete
implementation of the
Differential Premium System.
Target 100%
100% of
implementation
completed
N/A N/A
[2b. ii] Review and set Deposit
Insurance
1
fund size.
Completed
for current
review cycle
N/A N/A
Commence
next review
cycle
[2b.iii] Continuous review and
update of the CUDIC Deposit
Payout Program
25% of
material
updated
75% of material
updated
95% of
material
updated
Continuous
improvement
Data source: BCFSA operational data
1
Previous references to Deposit Insurance assessment methodology have been updated to Differential Premium System.
Discussion
CUDIC and BCFSA are committed to maintaining a modern, efficient, and effective
methodology for setting deposit insurance premiums that respond to the needs of a rapidly
changing credit union system and its depositors. Industry consultation and engagement is an
ongoing cornerstone of that commitment. BCFSA will build on consultations that led to
approval of the methodology in June 2021 and continues to engage the credit unions prior to
implementation in 2023/24.
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Reflecting international best practices, BCFSA is committed to reviewing the Fund target size
every four years, or after a shock event, to ensure the Fund size is credible and contributes to
depositor confidence and system stability. In 2020/21, BCFSA engaged an actuarial firm to
provide independent actuarial analysis and advice to the BCFSA and CUDIC Boards of Directors
on the Fund target range, target point, and funding timeline. The actuarial modelling is part of
a comprehensive internal review of both quantitative and qualitative factors, including
regulatory powers and practices. The current cycle of Fund size review was completed in
2022/23.
Continuous improvement of the Deposit Payout Program is an important component of
BCFSA’s crisis preparedness initiatives in the case of Credit Union deposit payout. A prompt
deposit payout of most deposits is required to ensure financial stability of the credit union
system and to protect depositors from undue loss.
Goal 3: Stakeholders are consistently and purposefully
engaged by BCFSA.
In order to regulate effectively, including in a proportionate manner, BCFSA needs to engage
with regulated entities and individuals to understand their views, challenges, and
opportunities. External engagement supports BCFSA’s understanding of risks to industry and
consumers of financial services.
Objective 3.1: Maintain strong and active collaboration with
stakeholders.
BCFSA is focused on engaging with stakeholders, which enables the organization to have a
better understanding of how to develop and advance its regulatory priorities, as well as
continually monitoring risks in the financial services sector.
Key Strategies
• Consult with sector participants on regulatory projects identified in BCFSA’s regulatory
roadmap.
• Develop best practices for these consultations in 2023/24 to ensure consultations are
comprehensive and appropriate to risk and complexity.
• Report against the timely delivery of roadmap projects to stakeholders as measured by
activities occurring within two quarters of their planned timeframe.
Discussion
BCFSA uses different strategies to maintain strong and active engagement with stakeholders.
It uses the regulatory roadmap as a primary means to communicate, and increasingly, receive
feedback on regulatory priorities. The roadmap outlines BCFSA’s regulatory agenda for the
coming three fiscal years. As these are priority projects, sector participants can expect to be
consulted in a comprehensive manner with respect to the project’s impacts on the sector.
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Objective 3.2: Stakeholder engagement strategy is operationalized.
BCFSA is building its capacity in external engagement and has expanded existing tools and
strategies to encompass a cross-financial services sector approach. A cross-financial services
approach is one which includes the entire financial services sector regulated by BCFSA to
ensures consistency of approach across the sector. BCFSA has developed and has
operationalized a stakeholder engagement strategy and will advance deliverables against that
strategy.
Key Strategies
• Focus on standing up industry advisory groups to ensure that sector input and
feedback is captured at both a technical and strategic level.
• Implement strategic roundtables for segments regulated by BCFSA.
• Formalize use of technical working groups for feedback from sector participants on
regulatory initiatives; and
• Deliver on an inaugural cross-financial services sector with relevance for all of BCFSA’s
regulated entities and individuals.
Discussion
BCFSA will operationalize its stakeholder engagement strategy by standing up industry
advisory groups and delivering on an inaugural cross-financial services sector event. These
activities are anticipated to become part of BCFSA’s steady-state operations.
Objective 3.3: Strategic communications plan activated
Stronger forward-looking communications efforts will support BCFSA’s goals to build stronger
relationships with all external stakeholders, ensure important regulatory measures are
followed, increase consumer awareness, and allow for refinement of content to make it more
relevant and available to stakeholders.
Key Strategies
• Enhance current communications activities and planning measures by operationalizing
the approved strategic communications plan,
• Ensure deliverables are on-time and completed to a high standard.
• Operationalize use of data analytics and reporting to drive external activities,
commencing internal communications reporting measures by sector to increase
website visitor numbers, email open rates, survey participation and adjust
content/vehicles where required to ensure greater sector engagement.
BC Financial Services Authority
2023/24 – 2025/26 Service Plan Page | 19
Discussion
To ensure effective communication by BCFSA to all regulated entities, stakeholders as well as
consumers through its newly developed strategic communications plan, will enhance strategic
planning, implement new ways of working through technology, and boost data analysis to
allow for effective and targeted content development.
Performance Measures
Performance Measure[s]
2022/23
Forecast
2023/24
Target
2024/25
Target
2025/26
Target
[3a] Significant regulatory
projects are included Develop
BCFSA’s consulted on with
sector participants reporting
on how accurate the roadmap
planning is by reporting on
whether activities occur within
two quarters of when planned
on the roadmap
100% of
roadmap
items
consulted;
60% of
activities
happening
within two
quarters
100% of
roadmap
items
consulted;
75% of
activities
happening
within two
quarters
100% of
roadmap
items
consulted;
75% of
activities
happening
within two
quarters
100% of
roadmap
items
consulted;
80% of
activities
happening
within two
quarters
Data source: BCFSA operational data
Discussion
Significant regulatory projects should be included on the regulatory roadmap and the subject
of consultations with sector participants. Use of the regulatory road map demonstrates
consistency and transparency in planning and communicating BCFSA’s external engagement
objectives regarding its regulatory program.
Performance Measure[s]
2022/23
Forecast
2023/24
Target
2024/25
Target
2025/26
Target
[3b] Industry Advisory Groups
formed
Advisory
group
strategy
developed
Stand-up
advisory
group
strategy
Maintain and
refine
advisory
group
strategy
Maintain and
refine
advisory
group
strategy
[3c] Cross-sector event
established
Plan cross-
sector event
Deliver cross-
sector event
Deliver cross-
sector event
Deliver cross-
sector event
Data source: BCFSA operational data
Discussion
Operationalizing a stakeholder engagement strategy which encompasses all BCFSA of the
financial services sectors will promote consistency across the organization, allow for
consideration of best practices and build on existing tools. It will promote consistent and
purposeful engagement and communications with stakeholders.
BC Financial Services Authority
2023/24 – 2025/26 Service Plan Page | 20
Performance Measure[s]
2022/23
Forecast
2023/24
Target
2024/25
Target
2025/26
Target
[3d.i] Execute against multi-
year communications
strategy and update annually.
All external sector activities
identified and action plan
underway.
N/A
80%
completion of
annual
activities
90%
completion
of annual
activities
Renewed
communications
audit
undertaken, and
strategy
updated
[3d. ii] Data analysis and
reporting used to make
improvements to
communications activities.
N/A
Benchmarking
and KPIs set
Quarterly
reporting
established
Reset baseline
and new KPIs
set to align with
organizational
goals
Data source: BCFSA operational data
Discussion
Executing against the multi-year communications strategy will build upon current tools,
successes, and best practices to enhance external regulatory content and boost awareness of
BCFSA in the public environment. Strategy will be evaluated and updated annually. Work will
begin in 2025/26 to plan for a consumer strategy. Alongside strategy execution, commence
reporting practices and use of analytical data to allow BCFSA to modernize, target and ensure
communications activities are effective. These activities are anticipated to become part of
BCFSA’s steady-state operations.
Goal 4: Timely Response to Legislative Changes and
Priorities
BCFSA is responsive to a changing regulatory environment and to government priorities in
relation to protection of consumers of financial services in B.C.
Over the past year, BCFSA concluded its follow-on work from its 2020 report: Strengthening
Foundations: A Report on the State of Strata Insurance in British Columbia on the state of the
strata insurance market.
BCFSA also responded to the direction from the Minister of Finance to engage with industry
and experts to provide advice to Government on the parameters of a cooling-off period for
residential real estate transactions, as well as other measures that could enhance
transparency and increase protection for real estate consumers in B.C. This contributed to the
Government bringing the Home Buyer Rescission Period into effect in January 2023, with
extensive work being undertaken by BCFSA in preparing real estate licensees for the new
regulatory requirements.
BC Financial Services Authority
2023/24 – 2025/26 Service Plan Page | 21
Objective 4.1: Work with Government to implement the new Mortgage
Services Act.
The Mortgage Services Act, the new legislation, which received Royal Assent on November 3,
2022, is responsive to several recommendations set out of the Cullen Commission Report on
Money Laundering in BC, released on June 15, 2022. The Mortgage Services Act will modernize
the mortgage broker industry in B.C. and greatly expand BCFSA’s tools to regulate the
mortgage broker segment. BCFSA will have the ability to set standards of conduct and
enhance disclosure and reporting obligations through new rule-making powers. BCFSA will
also be able to leverage enhanced compliance and enforcement processes and issue greater
penalties for misconduct.
Key Strategies
• Work with government on the development of regulations and rules to complete the
regulatory framework and manage transition from the previous framework.
• Adapt BCFSA’s compliance and enforcement program to accommodate new regulatory
tools and requirements.
• Execute against a project plan to implement the Mortgage Services Act, including
development of rules, regulations, education, and compliance processes, as well as the
technology changes needed to support the new regulatory regime. develop education
to support mortgage brokers, update pre-licensing education requirements, develop
continuing education and related support material.
Discussion
This legislative change has a profound impact on the regulation of the mortgage broker
segment in B.C. Operationalization of the change will be a phased, multi-year project and will
involve resources across all departments of BCFSA, as well as engagement with stakeholders
and a significant communications and education program.
Education will be developed to support mortgage brokers in understanding the new
regulatory regime and the implications for their business practices and to provide appropriate
educational resources for consumers to understand the new regime and their rights and
responsibilities in it.
Pre-licensing education requirements will be reviewed and updated to incorporate regulatory
changes.
Continuing education and related support material will be developed to ensure licensees
understand and are compliant with new regulatory requirements
Technology changes to accommodate the new licensing regime will be implemented and
compliance and enforcement processes will be adapted as required and appropriate.
BC Financial Services Authority
2023/24 – 2025/26 Service Plan Page | 22
Objective 4.2: Collaborate with government and stakeholders to
improve the effectiveness of B.C.’s Anti-Money Laundering Regime
In 2023/24, BCFSA will continue with its efforts to strengthen B.C.’s Anti-Money Laundering
(“AML”) regime by implementing new initiatives where appropriate, sustaining existing
approaches and initiatives, and working with stakeholders to support a broad and integrated
approach to AML in B.C.
Key Strategies
• Fully participate in all relevant activities supporting and strengthening the B.C. AML
regime.
• Provide advice to government, where required, and participate on policy development
and operational matters related to B.C.’s AML regime.
• Develop and implement, as appropriate, an AML strategy to further the government’s
legislative and policy response to the Cullen Commission Report on Money Laundering
in BC released on June 15, 2022 (the “Cullen Commission”).
Discussion
BCFSA will develop an AML strategy and implementation plan that responds to any future
direction from the government following the Cullen Commission. of Inquiry into Money
Laundering in B.C. AML awareness, reporting, and compliance are key obligations throughout
the financial services sector and BCFSA looks to work with government to advance B.C.’s AML
measures.
BCFSA will continue to identify and implement initiatives to strengthen B.C.’s AML regime
where appropriate. This may include undertaking activities to raise industry awareness,
expanded AML education programs, inter-agency collaboration, data collection and
benchmarking, and targeted reviews.
BCFSA is an active participant in the Counter-Illicit Finance Alliance of B.C. as it strengthens
strategic information exchange between law enforcement, industry, and regulators as well as
ongoing collaboration with FINTRAC in accordance with the MOU between BCFSA and
FINTRAC.
Performance Measures
Performance
Measure[s]
2022/23
Forecast
2023/24
Target
2024/25
Target
2025/26
Target
[4a] Execute an
implementation project
plan for a phased approach
to the new Mortgage
Services Act.
Project plan in
place.
Initial
Regulations
and Rules
prepared and
approved.
First phase of
implementation
completed.
Full
implementation
of Mortgage
Services Act.
Data source: BCFSA operational data
BC Financial Services Authority
2023/24 – 2025/26 Service Plan Page | 23
Discussion
The new Mortgage Services Act aligns more closely with other financial services legislation in
B.C., including the current Real Estate Services Act, allowing for efficient regulation, and helping
to encourage responsible business conduct with more than 7,000 registered mortgages
brokers in B.C.
This will ultimately provide greater protection for both borrowers and lenders in British
Columbia and harmonize our province with other jurisdictions who have modernized their
mortgage broker legislation.
Performance Measure[s]
2022/23
Forecast
2023/24
Target
2024/25
Target
2025/26
Target
[4b] Participation in ongoing
activities supporting the
strengthening of the B.C. AML
regime
100% 100% 100% 100%
Data source: BCFSA operational data
Discussion
The performance measure demonstrates BCFSA’s commitment to supporting the
strengthening of the B.C. and Canadian AML regime.
BCFSA may receive direction from the B.C. Government on AML in 2023/24 that informs
development of a BCFSA AML strategy.
BC Financial Services Authority
2023/24 – 2025/26 Service Plan Page | 24
Financial Plan
Financial Summary
[$000s]
2022/23
Forecast
2023/24
Budget
2024/25
Plan
2025/26
Plan
Revenue
Fees Licenses & Recoveries 65,076 64,045 66,191 67,323
Total Revenue 65,076 64,045 66,191 67,323
Expenses
Salary and Benefits 41,327 42,666 44,721 45,846
Other 23,568 21,379 21,470 21,477
Total Expenses 64, 895 64,045 66,191 67,323
Annual Surplus (Deficit) 181 - - -
Total Debt 8,914 8,914 8,914 8,914
Accumulated Surplus (Deficit) 55,271 55,271 55,271 55,271
Capital Expenditures 7,039 1,000 1,000 1,000
Note: The above financial information was prepared based on current Generally Accepted Accounting Principles.
Key Forecast Assumptions, Risks and Sensitivities
The financial plan does not include any amounts for any further increase in the BCFSA
mandate. For example, there may be future increased expenses related to improving the
effectiveness of B.C.’s Anti-Money Laundering regime, the potential scope of which has yet to
be determined.
Revenue is subject to fluctuation based on volumes or asset holdings of the regulated entities.
Revenue projections are based on an assessment of segment specific historical trends and
assumptions around changing market factors. Minimal to no growth is assumed across the
Sector. Revenue from Real Estate Licencing and associated educational is a substantial
component of revenue and is subject to uncertainty around licencing applications and renewal
rates. There are no future fee changes approved at this time and as such no increases are
included in the budget or plan.
Other expenses which include professional services, information systems, building occupancy
charges and legal fees will be subject to inflationary pressures. These expenses are expected
to reduce due to a moderation in the significant pace of change since 2019.
The financial services sector in B.C. and globally continues to rapidly evolve. BCFSA will need
modern technology and processes to keep up with these changes and its ability to evolve will
BC Financial Services Authority
2023/24 – 2025/26 Service Plan Page | 25
influence its ability to respond in times of crisis. Complexity and interconnectedness across,
and within sectors, necessitates a thoughtful, proportionate, and responsive regulatory
approach.
The success of B.C. and Canada’s AML framework rests on close cooperation and collaboration
between various parts of the AML regime, and failure to work together would impact BCFSA’s
ability to fulfill its mandate and effectively regulate the financial services sector.
Management’s Perspective on Financial Outlook
The ongoing funding model for BCFSA does not include financial support from the
Government of British Columbia. Most of BCFSA’s revenue comes from filing, registration and
application fees paid by regulated entities and individuals under the various statutes.
Management anticipates that revenue growth will slow in the next 2 years and that costs can
be managed to maintain a balanced budget. BCFSA will continue to monitor fees, and seek
new or changes to fees, where the costs to regulate are not supported by revenue. If the
mandate of BCFSA expands then this will require new revenue sources.
Management is committed to protecting the rights of British Columbians by promoting high
standards of market conduct within the financial services sectors we regulate. We are
continually managing costs and looking for ways to operate our business more efficiently and
effectively.
BC Financial Services Authority
2023/24 – 2025/26 Service Plan Page | 26
Appendix A: Mandate Letter from the Minister
Responsible
…/2
Ministry of Finance
Office of the Minister
Mailing Address: Location:
PO Box 9048 Stn Prov Govt 501 Belleville Street
Victoria BC V8W 9E2 Parliament Buildings, Victoria
Telephone: 250 387-3751 website:
Facsimile: 250 387-5594 www.gov.bc.ca/fin
480654
Stanley W. Hamilton, Chair
BC Financial Services Authority
2800 – 555 West Hastings Street
Vancouver BC V6B 4N6
Dear Dr. Hamilton:
On behalf of Premier Horgan and the Executive Council, I would like to extend my thanks to you
and your board members for the dedication, expertise and skills with which you serve the people
of British Columbia.
Every public sector organization is accountable to the citizens of British Columbia. The
expectations of British Columbians are identified through their elected representatives, the
members of the Legislative Assembly. Your contributions advance and protect the public interest
of all British Columbians and through your work, you are supporting a society in which the
people of this province can exercise their democratic rights, trust and feel protected by their
public institutions.
You are serving British Columbians at a time when people in our province face significant
challenges as a result of the global COVID-19 pandemic. Recovering from the pandemic will
require focused direction, strong alignment and ongoing engagement between public sector
organizations and government. It will require all Crowns to adapt to changing circumstances and
follow Public Health orders and guidelines as you find ways to deliver your services to citizens.
This mandate letter, which I am sending in my capacity as Minister responsible for the
British Columbia Financial Services Authority (BCFSA), on behalf of the Executive Council,
communicates expectations for your organization. It sets out overarching principles relevant to
the entire public sector and provides specific direction to the BCFSA about priorities and
expectations for the coming fiscal year.
March 24, 2021
- 2 -
…/3
I expect that the following five foundational principles will inform your agency’s policies and
programs:
• Putting people first: We are committed to working with you to put people first. You and
your board are uniquely positioned to advance and protect the public interest and I expect
that you will consider how your board’s decisions maintain, protect and enhance the
public services people rely on and make life more affordable for everyone.
• Lasting and meaningful reconciliation: Reconciliation is an ongoing process and a
shared responsibility for us all. Government’s unanimous passage of the Declaration of
the Rights of Indigenous Peoples Act was a significant step forward in this journey – one
that all Crown agencies are expected to support as we work in cooperation with
Indigenous peoples to establish a clear and sustainable path to lasting reconciliation. True
reconciliation will take time and ongoing commitment to work with Indigenous peoples
as they move towards self-determination. Guiding these efforts, Crown agencies must
also remain focused on creating opportunities that implement the Truth and
Reconciliation Commission through your mandate.
• Equity and anti-racism: Our province’s history, identity and strength are rooted in its
diverse population. Yet racialized and marginalized people face historic and present-day
barriers that limit their full participation in their communities, workplaces, government
and their lives. The public sector has a moral and ethical responsibility to tackle systemic
discrimination in all its forms – and every public sector organization has a role in this
work. All Crowns are expected to adopt the Gender-Based Analysis Plus (GBA+) lens to
ensure equity is reflected in your operations and programs. Similarly, appointments
resulting in strong public sector boards that reflect the diversity of British Columbia will
help achieve effective and citizen-centred governance.
• A better future through fighting climate change: Announced in December 2018, the
CleanBC climate action plan puts our province on the path to a cleaner, better future by
building a low-carbon economy with new clean energy jobs and opportunities, protecting
our clean air, land and water and supporting communities to prepare for carbon impacts.
As part of the accountability framework established in CleanBC, and consistent with the
Climate Change Accountability Act, please ensure your organization aligns operations
with targets and strategies for minimizing greenhouse gas emissions and managing
climate change risk, including the CleanBC target of a 50% reduction in public sector
building emissions and a 40% reduction in public sector fleet emissions by 2030. Your
organization is expected to work with government to report out on these plans and
activities as required by legislation.
- 3 -
…/4
• A strong, sustainable economy that works for everyone: I expect that you will identify
new and flexible ways to achieve your mandate and serve the citizens of
British Columbia within the guidelines established by the Provincial Health Officer and
considering best practices for conducting business during the pandemic. Collectively, our
public sector will continue to support British Columbians through the pandemic and
economic recovery by investing in health care, getting people back to work, helping
businesses and communities, and building the clean, innovative economy of the future.
As a public sector organization, I expect that you will consider how your decisions and
operations reflect environmental, social and governance factors and contribute to this
future.
The Crown Agencies and Board Resourcing Office (CABRO), with the Ministry of Finance, will
continue to support you and your board on recruitment and appointments as needed, and will be
expanding professional development opportunities in 2021/22. This will include online training
and information about provincial government initiatives to foster engaged and informed boards.
As the Minister Responsible for the BCFSA, I expect that you will make substantive progress on
the following priorities and incorporate them in the goals, objectives and performance measures
in your 2021/22 Service Plan:
• Advance the BCFSA’s risk-based and proportionate supervision of financial
services sectors and efforts to enhance consumer protection.
• Engage and work with government, other B.C. regulators, sector participants, and
applicable provincial and federal governments and regulators to identify and
respond to priority issues in the financial services sector, including issues associated
with the COVID-19 pandemic.
• Continue to work with the Superintendent of Real Estate, the Ministry of Finance
Policy and Legislation Division, and the Real Estate Council of BC to complete
integration of real estate regulation within the BCFSA.
• Work collaboratively with government to improve finance crisis preparedness and
in particular, ensure a sustainable and effective deposit insurance program is in
place.
• Continue to work collaboratively with government, industry and other stakeholders
to review issues related to the cost and availability of insurance for strata
corporations.
- 4 -
…/5
• Collaborate with government to improve the effectiveness of B.C.’s Anti-Money
Laundering Regime.
Each board member is required to sign the Mandate Letter to acknowledge government’s
direction to your organization. The signed Mandate Letter is to be posted publicly on your
organization’s website in spring 2021.
I look forward to continuing to work with you and your Board colleagues to build a better B.C.
Sincerely,
Selina Robinson
Minister
Signed by:
Stanley W. Hamilton, Chair
B.C. Financial Services Authority
Date
Wilma Simone van Norden, Vice Chair
B.C. Financial Services Authority
Date
Charles (Michael) Grist
B.C. Financial Services Authority
Date
April 6, 2021
April 6, 2021
April 6, 2021
- 5 -
…/6
Jo-Ann Shelley Hannah
B.C. Financial Services Authority
Date
Joanne Adele Hausch
B.C. Financial Services Authority
Date
Bruce Howell
B.C. Financial Services Authority
Date
Jacqueline Anne Kelly
B.C. Financial Services Authority
Date
Gerald Matier
B.C. Financial Services Authority
Date
Shannon Nicola Salter
B.C. Financial Services Authority
Date
April 6, 2021
April 6, 2021
April 6, 2021
April 6, 2021
April 6, 2021
April 6, 2021
- 6 -
John Dundas Thwaites
B.C. Financial Services Authority
Date
Joel J. Whittemore
B.C. Financial Services Authority
Date
cc: Honourable John Horgan
Premier
Lori Wanamaker
Deputy Minister to the Premier, Cabinet Secretary and Head of the BC Public Service
Heather Wood
Deputy Minister and Secretary to Treasury Board
Ministry of Finance
Douglas S. Scott
Deputy Minister, Crown Agencies Secretariat
Ministry of Finance
April 6, 2021
April 6, 2021
BC Financial Services Authority
2023/24 – 2025/26 Service Plan Page | 33
Appendix B: (RECBC) Letter of Direction from the
Minister Responsible
…/2
Ministry of Finance
Office of the Minister
Mailing Address: Location:
PO Box 9048 Stn Prov Govt 501 Belleville Street
Victoria BC V8W 9E2 Parliament Buildings, Victoria
Telephone: 250 387-3751 website:
Facsimile: 250 387-5594 www.gov.bc.ca/fin
480091
Elaine Duvall, Chair
Real Estate Council of British Columbia
900 – 750 West Pender Street
Vancouver BC V6C 2T8
Dear Ms. Duvall:
I would like to extend my appreciation to you and your board members for the dedication,
expertise and skills with which you serve the people of British Columbia.
Every public sector organization is accountable to the citizens of British Columbia. The
expectations of British Columbians are identified through their elected representatives, the
members of the Legislative Assembly. Your contributions advance and protect the public interest
of all British Columbians and through your work, you are supporting a society in which the
people of this province can exercise their democratic rights, trust and feel protected by their
public institutions.
You are serving British Columbians at a time when people in our province face significant
challenges as a result of the global COVID-19 pandemic. Recovering from the pandemic will
require focused direction, strong alignment and ongoing engagement between public sector
organizations and government. It will require all Crowns to adapt to changing circumstances and
follow Public Health orders and guidelines as you find ways to deliver your services to citizens.
This letter of direction communicates expectations for your organization. It sets out overarching
principles relevant to the entire public sector and provides specific direction on priorities and
expectations for the coming fiscal year.
I expect that the following five foundational principles will inform your agency’s policies and
programs:
• Putting people first: We are committed to working with you to put people first. You and
your board are uniquely positioned to advance and protect the public interest and I expect
March 15, 2021
- 2 -
…/3
that you will consider how your board’s decisions maintain, protect and enhance the
public services people rely on and make life more affordable for everyone.
• Lasting and meaningful reconciliation: Reconciliation is an ongoing process and a
shared responsibility for us all. Government’s unanimous passage of the Declaration of
the Rights of Indigenous Peoples Act was a significant step forward in this journey – one
that all Crown agencies are expected to support as we work in cooperation with
Indigenous peoples to establish a clear and sustainable path to lasting reconciliation. True
reconciliation will take time and ongoing commitment to work with Indigenous peoples
as they move towards self-determination. Guiding these efforts, Crown agencies must
also remain focused on creating opportunities that implement the Truth and
Reconciliation Commission through your mandate.
• Equity and anti-racism: Our province’s history, identity and strength are rooted in its
diverse population. Yet racialized and marginalized people face historic and present-day
barriers that limit their full participation in their communities, workplaces, government
and their lives. The public sector has a moral and ethical responsibility to tackle systemic
discrimination in all its forms – and every public sector organization has a role in this
work. All Crowns are expected to adopt the Gender-Based Analysis Plus (GBA+) lens to
ensure equity is reflected in your operations and programs. Similarly, appointments
resulting in strong public sector boards that reflect the diversity of British Columbia will
help achieve effective and citizen-centred governance.
• A better future through fighting climate change: Announced in December 2018, the
CleanBC climate action plan puts our province on the path to a cleaner, better future by
building a low-carbon economy with new clean energy jobs and opportunities, protecting
our clean air, land and water and supporting communities to prepare for carbon impacts.
As part of the accountability framework established in CleanBC, and consistent with the
Climate Change Accountability Act, please ensure your organization aligns operations
with targets and strategies for minimizing greenhouse gas emissions and managing
climate change risk, including the CleanBC target of a 50% reduction in public sector
building emissions and a 40% reduction in public sector fleet emissions by 2030. Your
organization is expected to work with government to report out on these plans and
activities as required by legislation.
• A strong, sustainable economy that works for everyone: I expect that you will identify
new and flexible ways to achieve your mandate and serve the citizens of
British Columbia within the guidelines established by the Provincial Health Officer and
considering best practices for conducting business during the pandemic. Collectively, our
public sector will continue to support British Columbians through the pandemic and
economic recovery by investing in health care, getting people back to work, helping
businesses and communities, and building the clean, innovative economy of the future.
As a public sector organization, I expect that you will consider how your decisions and
- 3 -
…/4
operations reflect environmental, social and governance factors and contribute to this
future.
As the Minister Responsible for the Real Estate Council of BC, I expect that you will make
substantive progress on the following priorities and incorporate them in the goals, objectives and
performance measures in your 2021/22 Service Plan:
• Continue to work towards the transition to a single regulator of real estate under the BC
Financial Services Authority (BCFSA). This will require coordinating with the
Superintendent of Real Estate, the Ministry of Finance Policy and Legislation Division,
and the BCFSA to align efforts to deliver seamless service to licensees and the public
before during and after the transition.
• Prior to the amalgamation under the BCFSA, reduce the backlog of complaints and
continue to reduce the time to disposition of complaints and process new licensee
applications on a timely basis.
• Continue to work collaboratively with government as it improves the effectiveness of
B.C.’s Anti-Money Laundering Regime.
As Board chair, please sign the Letter of Direction to acknowledge government’s direction to
your organization. The signed Letter of Direction is to be posted publicly on your organization’s
website in spring 2021.
I look forward to continuing to work with you and your Board colleagues to build a better B.C.
Sincerely,
Selina Robinson
Minister
Signed By:
_____________________________ _____________________________
Marian Elain Duvall, Chair Date
Real Estate Council of British Columbia
April 1, 2021
- 4 -
cc: Heather Wood
Deputy Minister and Secretary to Treasury Board
Ministry of Finance
Douglas S. Scott
Deputy Minister, Crown Agencies Secretariat
Ministry of Finance
Erin Seeley
Executive Officer
Real Estate Council of British Columbia
