September 17, 2018 2:03 pm

B.C. bolsters oversight of financial services sector

In addition to homebuyers, the mortgage rules will also affect many Canadians who are renewing or refinancing their mortgages.

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The NDP government has announced the creation of a new Crown agency to strengthen oversight of the financial services sector in B.C.

In a news release, the government says that while industry practices have rapidly changed due to shifts in technology and international standards, BC’s regulatory structure has not, requiring changes to better protect people when they use the financial services sector.

The Horgan government will introduce enabling legislation next spring to make the Financial Institutions Commission an independent Crown Agency.

It will regulate mortgage brokers, insurance and trust companies, pensions, and credit unions.

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