The B.C. government plans to restructure the Financial Institutions Commission (FICOM) to become a Crown agency.
The government said Monday that it plans to introduce legislation in spring of 2019 to change the structure of the provincial regulator for mortgage brokers, insurance and trust companies, pensions and credit unions.
The legislation will make the commission an independent Crown agency that’s “operationally independent, yet accountable to government, and funded by industry,” a release said.
The change will improve the commission’s reporting structure to government, the release said, and bring it in line with other provincial regulators, such as the BC Securities Commission.
“The financial services sector has undergone significant shifts in recent years as technology and international standards have evolved,” the release said. “While industry practices have rapidly changed, B.C.’s regulatory structure has not, requiring changes to better protect people when they use the financial services sector.”