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, Real Estate 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: