BC Financial Services Authority (BCFSA) has released a 2024/2025 Regulatory Roadmap itemizing planned regulatory priorities during the next three fiscal years.

The goal of the roadmap is to:

• increase transparency;
• enable regulated entities (real estate licensees, mortgage brokers, credit unions, insurers, pension plans, and trusts) to prepare for consultations and implementation of upcoming regulatory initiatives; and
• help regulated entities and other stakeholders understand and plan for initiatives that may have a significant operational impact.

BCFSA’s mission is to promote confidence in British Columbia’s financial services sector by providing risk-based and proportional regulation and protecting British Columbians.

BCFSA continuously monitors risks to regulated entities and the financial system in the province. As risks evolve, BCFSA may change its approach or priorities to remain effective and efficient. 

The 2024/25 roadmap includes a summary of regulatory initiatives and priorities undertaken by BCFSA over the past year.

These include:

• modernizing the regulatory framework for the financial services sector;

• enhancing consumer protection; and
• increasing expertise within all regulated industries.

Regulatory priorities for the real estate services segment:

• regulatory framework modernization; and
• natural catastrophe and climate risk.

The roadmap identifies the guidance release date. The implementation date for regulatory guidance may differ.

When BCFSA determines an implementation date, BCFSA will publish an advisory communicating the date to regulated entities.

Items in the 2024/25 fiscal year (April 2024 to March 2025) identify:

• the fiscal quarter in which a consultation is expected to take place;
• when the regulatory guidance will be released; and
• anticipated implementation timelines.

Items in subsequent fiscal years identify the year in which they will occur.

BCFSA will also continue to evolve how it organizes its regulatory priorities through the roadmap. 

Ongoing dialogue with regulated sector participants has helped to shape and develop the content of the roadmap.

BCFSA values this ongoing dialogue. If you have questions and comments, contact Harriet Permut, director of government relations at hpermut@gvrealtors.ca or email BCFSA at policy@bcfsa.ca.

Visit the Regulatory Roadmap on BCFSA’s website to find additional information and anticipated timing on planned initiatives for each segment.