Vancouver Sun: Ficom staff shortage handicaps oversight of B.C. credit unions: auditor general

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July 28, 2016 | Chuck Chiang

Quoted from the article:

The report puts the commission’s staff vacancy rate at 37 per cent, something that should also generate concerns outside the credit-union sector, said B.C. NDP MLA David Eby. He noted Rogers is also the provincial superintendent of real estate. That means, Eby said, that a shortage of credit-union auditors also means a shortage of real-estate auditors, since both draw from the same staff pool at the commission.

“When you think about the responsibilities within Ficom — pensions, credit unions, real estate, insurance — the impact of a lack of regulation could be devastating,” he said. “We saw in the United States what happens when these industries are not properly regulated.”

Eby also criticized Premier Christy Clark for saying Wednesday that B.C. has an audit team “ready to go” to enforce the new foreign purchasers’ property transfer tax.

“It’s hard for me to understand why the government thinks they have enough auditors to tackle this issue (the new tax) when they don’t even have enough auditors to tackle the basic work that was required of them in credit unions,” Eby said.

B.C.’s Ministry of Finance did not respond to a request from comment.

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