BC Financial Services Authority Publishes Update About Move to Single Regulator

On May 19, the British Columbia Financial Services Authority (BCFSA) published a status update regarding the integration of the Office of the Superintendent of Real Estate (OSRE) and Real Estate Council of BC (RECBC) into the BCFSA to create a single regulator for BC's financial services sector.

In the news release published on its website, the BCFSA says the creation of a single regulator - which, in addition to real estate services, already includes credit unions, trust companies, insurance companies, mortgage brokers and pension plans - will "simplify accountabilities and enhance regulator oversight through more effective business processes, investigations, and enforcements."

The BCFSA expects that the new regulatory model, which will be organized functionally with departments overseeing the entire financial sector, will come into effect this summer.

"We welcome the creation of a single integrated regulator for BC's financial services sector and are optimistic about the efficiencies this amalgamation is expected to bring for real estate professionals," says BCREA Chief Executive Officer Darlene Hyde. "We look forward to a collaborative and productive relationship with the BC Financial Services Authority as we continue to advocate for a regulatory environment that is informed by the REALTOR^® perspective and results in increased consumer confidence."

Over the coming weeks, BCREA will continue work with the BCFSA, OSRE and RECBC to understand the impact of the changes and to provide input at every opportunity, ensuring the collective voice of BC Realtors is heard throughout the next stages of the regulatory shift.

As a part of the future integration, current RECBC CEO Erin Seeley will take on a new role as Senior Vice President of Policy and Stakeholder Engagement, while current Superintendent of Real Estate Micheal Noseworthy will serve as Senior Vice President of Compliance and Market Conduct.

A full list of BCFSA's future executive team can be found here. And an FAQ document, which includes more information about the integration of RECBC and OSRE, can be found here.

To learn more about what you can expect with the move to a single regulator, click here.

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