B.C. Financial Services Authority (BCFSA), which is integrating with the Real Estate Council of B.C. (RECBC) and the Office of the Superintendent of Real Estate (OSRE), will be led by current BCFSA CEO Blair Morrison. The integration is expected to be completed this summer.
It will create a single integrated regulator of B.C.’s financial services sector, which includes credit unions, trust companies, insurance companies, mortgage brokers, pension plans and real estate services.
BCFSA says the integration “will simplify accountabilities and enhance regulatory oversight through more effective and efficient business processes, investigations and enforcements.” It will focus on the financial services sector as a whole and as such, will be organized on a functional basis with departments that oversee the entire sector including supervision, policy, and market conduct.
Executives from all three organizations will report to Morrison. The leadership team will include Erin Seeley, RECBC’s current CEO, and Micheal Noseworthy, B.C.’s current Superintendent of Real Estate. Seeley will take on the role of senior vice president of policy and stakeholder engagement, while Noseworthy will serve as senior vice president of compliance and market conduct.
“BCFSA’s Board of Directors is looking forward to BCFSA completing the integration with OSRE and RECBC and working with the new executive team of B.C.’s integrated regulator of the financial services sector,” says Stanley Hamilton, BCFSA’s chair, Board of Directors. “BCFSA’s senior leaders bring years of experience and are experts in their field. Their knowledge and understanding of the financial services sector will be key in leading BCFSA’s work to protect British Columbians.”
“Through the integration, BCFSA will be positioned to provide strengthened consumer protection as a modern, efficient and effective regulator,” says Morrison. “We will continue to focus on innovation and continuous improvement, bringing a single lens to the oversight of the financial services sector with enhanced information sharing. The sector is rapidly changing, and BCFSA as its regulator must be at the forefront of these changes.”
Upon completion of the integration, BCFSA will have sole authority over real estate education and licensing as well as investigations and discipline responsibilities for licensed and unlicensed real estate activity, including real estate development marketing. It will also have rule-making authority governing the conduct of real estate licensees.
