What is IRIS?

IRIS stands for Integrated Regulatory Information System.

IRIS is the portal for regulated entities to provide regulatory information and submissions to BCFSA. It can be accessed by authenticated users ONLY and is not for the general public. Individuals and institutions who are supervised by BCFSA can access IRIS to view and manage their licence, account and contact information, submit and view status of submissions and filings, and manage business authorizations with BCFSA.

Business authorization is the general term used for registrations, licenses, certificates, and permits in IRIS.

Supporting Information

Why does BCFSA need IRIS?

Before IRIS, each financial services segment had a separate portal. IRIS was developed to integrate the various portals into one, significantly improving BCFSA’s efficiency and regulatory effectiveness. IRIS has reduced manual data processing, minimized risk of errors, and improved timeliness and accuracy of information shared.

What are the key components of IRIS?

IRIS provides a 360-degree view presenting all available and significant information about each financial institution and each regulated individual through inclusion of the following high-level components:

diagram

Who can use IRIS?

IRIS can be accessed only by regulated individuals and entities who have an account with BCFSA. This includes real estate licensees, registered mortgage brokers and authorized representatives of financial institutions and other provincial regulatory bodies. Members of the public do not need to use IRIS to communicate with BCFSA.

How will IRIS be used?

IRIS has been developed to be a generic tool for all financial services providers, however, financial institutions will use IRIS in a different manner from licensed individuals. Generally, financial institutions will use IRIS for report filings while licensed individuals will use it to manage their licence. Authorized users will need to have an account to use IRIS where information will be saved, and status updates reviewed.

When can IRIS be accessed?

IRIS is available 24/7 and seven days a week except when undergoing scheduled maintenance.