About Us
Organizational Structure
The Role of the Superintendent and CEO and Staff of FICOM
Day-to-day regulatory and operational decisions are administered by the Superintendent and CEO and approximately 90 staff hired under the Public Service Act.
The Superintendent and CEO serves in several official capacities, including Superintendent of Financial Institutions, Superintendent of Pensions, Superintendent of Real Estate, Registrar of Mortgage Brokers and CEO of the Credit Union Deposit Insurance Corporation (CUDIC) under the corresponding legislation.
FICOM staff work in four core business areas: Credit Unions and Trusts, Insurance, Pensions, Real Estate and Mortgage Brokers; and, in several key support functions, including the Investigations Department, which investigates significant statutory breaches of all Acts administered by FICOM and also conducts investigations into related criminal matters, such as fraud. Support services are also provided to the core business areas by Administrative Services, Financial Services and the CEO's Office.
The Role of FICOM Commissioners
Under the FIA, FICOM has up to eleven Commissioners appointed by the Lieutenant Governor in Council on the recommendation of the Minister of Finance.
The Commissioners have two main roles:
- Making major regulatory decisions related to incorporations, business authorizations, amalgamations, liquidations and windups of financial institutions; and
- Making decisions on credit union stabilization, supervision and deposit insurance. Stabilization and supervision are regulatory powers used to assist credit unions that are experiencing financial or other difficulties.
Some Commissioners also serve as directors of the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC). CUDIC is a separate entity from FICOM and is a statutory corporation. The mandate of CUDIC is to guarantee deposits and non-equity shares of depositors of British Columbia credit unions up to the limits prescribed by legislation.
Commissioners have no legislative responsibilities with respect to certain other statutes administered by FICOM, such as the Real Estate Act, Mortgage Brokers Act orPensions Benefits Standards Act.
