The Financial Services Tribunal (“FST”) was established in 2004 under section 242.1 of the Financial Institutions Act. Some sections of the Administrative Tribunals Act also govern appeals at the Tribunal.
The FST hears appeals from individuals and institutions who want to contest enforcement decisions made by the Insurance Council of British Columbia, Superintendent of Real Estate, Superintendent of Pensions, Registrar of Mortgage Brokers and Superintendent of Financial Institutions. It provides an avenue of appeal for those who believe that they have been wrongly limited or denied the ability to work in one of the regulated occupations to which an appeal lies to the FST.
The FST only has jurisdiction to hear appeals under the following British Columbia statutes:
Financial Institutions Act
Credit Union Incorporation Act
Mortgage Brokers Act
Real Estate Services Act
Pension Benefits Standards Act
Real Estate Development Marketing Act
Under section 242.1 of the Financial Institutions Act, the Tribunal consists of a Chair and Vice-Chair, as well as other members appointed by the Lieutenant Governor in Council after a merit-based process and consultation with the Chair. Members are appointed from the community by the government on the basis of their knowledge and experience in the financial sector as well as in the administrative justice sector. Appeals are heard by panels of one member each.
The FST is committed to making its processes accessible and efficient, and providing a fair, impartial and independent appeal process.