The British Columbia Financial Services Authority (BCFSA) has published a new standalone Information Security Guideline for B.C. pension plan administrators and a revised Information Security Guideline for provincially regulated financial institutions, focused on mitigating information security risks and improving timely reporting of material security incidents. The pension plan administrator guideline applies to B.C. registered pension plan administrators and is intended to harmonize with other pension regulators, simplify incident reporting, and clarify what constitutes a material incident. The revised guideline for provincially regulated financial institutions aligns with the standalone pension guidance and introduces an updated incident reporting process, including changes to how incidents should be reported. Both guidelines take effect on July 1, 2025. Until then, all provincially regulated financial institutions, including pension plan administrators, are expected to continue following BCFSA’s 2021 Information Security Guideline for Provincially Regulated Financial Institutions.
British Columbia Financial Services Authority 2025-03-25
British Columbia Financial Services Authority issues standalone information security guideline for pension plan administrators and revises incident reporting for provincially regulated financial institutions
The British Columbia Financial Services Authority (BCFSA) has issued a new Information Security Guideline for B.C. pension plan administrators and revised guidelines for provincially regulated financial institutions. These guidelines aim to mitigate information security risks and enhance reporting of material security incidents. Effective July 1, 2025, they align with existing standards and introduce a streamlined incident reporting process.