B.C. financial services watchdog short-staffed due to low pay: Auditor-General

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The arm of B.Cā€™s financial services watchdog in charge of credit unions has left a third of its staffing positions vacant for the past three years ā€“ despite budget surpluses of millions of dollars ā€“ because the government has stopped the body from raising its pay to attract new hires, the provincial Auditor-General says. The Auditor-General’s concerns emerged after the head of the Financial Institutions Commission of B.C., or FICOM, warned in July that one in four positions throughout her agency were unfilled. In addition to credit unions, FICOM oversees mortgage brokers, pension funds and the real estate industry ā€“ some of which are facing scrutiny for their roles in fuelling Metro Vancouverā€™s housing affordability crisis. The Finance Ministry says the situation, both within the credit union division and throughout FICOM, will change by the end of this year, when the province updates the pay scales for all public servants, allowing the agency to raise salaries to compete with the more-lucrative private sector.

Read full article here.

MIKE HAGER – SPECIAL TO THE GLOBE AND MAIL – OCT. 06, 2016.

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