Core Business Areas
FICOM has four core business areas that are organized around its areas of regulatory responsibility.
Credit Unions and Trusts
- Regulates credit unions and trust companies under the Financial Institutions Act and the Credit Union Incorporation Act.
- Administers deposit insurance for credit unions through the Credit Union Deposit Insurance Corporation.
- Regulates insurers under the Financial Institutions Act, Insurance Act, and Insurance (Captive Company) Act.
- The Insurance Council of B.C. is responsible for licensing insurance sales agents and adjusters.
- The Superintendent may appeal disciplinary decisions of the Insurance Council, and is responsible for investigating unlicensed insurance activities.
Real Estate and Mortgage Brokers
- Regulates mortgage brokers under the Mortgage Brokers Act.
- Regulates the marketing of multi-unit real estate developments under the Real Estate Development Marketing Act.
- Approves strata plan schedules under the Strata Property Act.
- Under the Real Estate Services Act, the Real Estate Council of British Columbia is a self-regulatory organization ("SRO") that regulates real estate brokerages and representatives, property managers and strata managers.
- The Superintendent of Real Estate has powers to intervene in the regulation of real estate professionals if an urgent concern for the public interest arises, and is responsible for investigating unlicensed real estate activities.
- The Superintendent may appeal disciplinary decisions of the Real Estate Council.