The integration of the B.C. Financial Services Authority (BCFSA) and the province’s real estate regulators will be in place in summer 2021, the BCFSA said in a release on Wednesday.
The previously announced integration of the BCFSA with the Real Estate Council of B.C. and the Office of the Superintendent of Real Estate creates a single regulator of the province’s financial services sector, including credit unions, trust companies, insurance companies, mortgage brokers, pension plans and real estate services.
The integration will “simplify accountabilities and enhance regulatory oversight through more effective and efficient business processes, investigations and enforcements,” the release said.
The BCFSA will have a new organization structure and new executive, with Blair Morrison, CEO of the BCFSA, continuing in that role.
Creating a single financial services regulator was a key recommendation from the Expert Panel on Money Laundering Report released in May 2019.
That year, B.C.’s Ministry of Finance said the BCFSA would become the single regulator for real estate in the province, overseeing licensing, conduct, investigations and discipline.