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ARTICLE · 14 MAY 2025

British Columbia Financial Services Authority Releases Pension-specific Information Security Guideline

On March 25, 2025, the British Columbia Financial Services Authority (BCFSA), the regulator of provincially regulated financial institutions (PRFI's), including provincially registered pension plans...

CanadaFinance and Banking

On March 25, 2025, the British Columbia Financial Services Authority (BCFSA), the regulator of provincially regulated financial institutions (PRFI's), including provincially registered pension plans, released an information security guideline specific to pension plan administrators (the Pension Plan IS Guideline).

The BCFSA previously released an information security guideline for all PRFI's, including pension plan administrators, in 2021 (the 2021 IS Guideline). At that time, the BCFSA received comments from pension stakeholders that the 2021 IS Guideline did not account for the unique circumstances, mandates and resources of pension plans as compared to other PRFI's regulated by the BCFSA. As a result, in 2024, a multi-phased consultation on a draft standalone guideline for pension plans was conducted by the BCFSA with the final version being released on March 25, 2025.

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