About Us

Our Mandate

The Financial Institutions Commission safeguards confidence and stability in British Columbia´s financial sector by protecting consumers from undue loss and unfair market conduct.

The Financial Institutions Commission (FICOM) is a regulatory agency of the British Columbia Government. FICOM is responsible for administering six statutes that regulate the pension and financial services in British Columbia.

The primary focus of this regulation is to ensure that:

  • Institutions and pension plans in these sectors remain solvent;
  • Market conduct requirements for these sectors are respected;
  • Unsuitable individuals do not participate in financial service markets; and
  • Through the Credit Union Deposit Insurance Corporation (CUDIC), insure credit union deposits and non-equity shares.

A Risk-based Approach to Regulating Financial Institutions and Pension Plans

FICOM supervises and regulates financial institutions (credit unions, insurers and trust companies) and pension plans to determine whether they are in sound financial condition and are complying with their governing laws and supervisory standards.

Since FICOM´s supervisory framework was first introduced in 2003, significant developments in the financial services industry have changed the nature of the risks and risk management. FICOM uses a risk-based supervisory framework to identify imprudent or unsafe business practices and intervenes on a timely basis, as required. Risk assessment is forward-looking. This view facilitates the early identification of issues or problems, and timely intervention where corrective actions need to be taken, so that there is a greater likelihood of a satisfactory resolution of issues.

The focus is on early identification of risk and the allocation of resources to institutions and plans with the highest risk profile.

The Financial Institutions Commission released a regulatory framework in June 2012

The Superintendent of Pensions released a regulatory framework in May 2014