In an effort to keep pace with massive shifts in the financial services sector over recent years, the BC Government is creating a new independant Crown agency.
With technology, industry practices, and international standards evolving, the new agency will seek to better protect British Columbians’ savings in this new era.
The new agency, set to be introduced in the spring of 2019, will essentially be an upgrade to the existing Financial Institutions Commission, founded in 1990.
Mortgage brokers, insurance and trust companies, pensions, and credit unions will all be the responsibility of the agency, which will be operated independantly, but held accountable by the government.
