New British Columbia pension regulator in place
Effective November 1, 2019, the existing pension plan regulator in British Columbia, the Financial Institutions Commission (FICOM), was replaced by the BC Financial Services Authority (BCFSA). The BCFSA is a new Crown corporation that will be self-funded and will work at arm’s length from the Ministry of Finance, with greater independence than FICOM enjoyed.
There are currently no plans to change the priorities or powers of FICOM relating to pension plans after the transition to the BCFSA. As a result of the change, the BCFSA’s public website, e-filing website and email addresses have been updated. Telephone numbers were unchanged.
Payments made to the new entity should be issued to the BC Financial Services Authority and no longer to the Ministry of Finance.