Summary of Speech by Tolga Yalkin, CEO of BCFSA

Copy of Speech by Tolga Yalkin

On April 8, 2025, CAFII held its first Board meeting of the year, which was followed by its April Reception Event. TD Canada hosted the reception with drinks and hors d’oeuvres and concluded with an informative speech from Tolga Yalkin, the BC Financial Services Authority’s (BCFSA) new CEO. A summary of T. Yalkin’s speech has been included below.

Before introducing Tolga Yalkin, CAFII’s Board Chair, Val Gillis, introduced the new TD building, thanked CAFII for hosting, and expressed her gratitude for the many CAFII members and volunteers whose hard work allows CAFII to succeed. She then discussed TD as an insurer and its support for many Canadians. TD is a diverse business that caters to numerous insurance industries. It has an unrelenting focus on its clients. She spoke about her team and how they work to strengthen their relationship with customers, both face-to-face and digitally. Ease is a huge part of consumer treatment; how can TD make everything more efficient and simpler? V. Gillis concluded her speech by mentioning CAFII and its educational efforts. She emphasized the numerous critical research studies that CAFII has conducted, which serve to benefit Canadian customers.

V. Gillis introduced the keynote speaker, Tolga Yalkin, who joined the BCFSA in 2025. She briefly detailed T. Yalkin’s career achievements, including his time at OSFI.

T. Yalkin thanked V. Gillis, TD, and CAFII for inviting him. He discussed his time at OSFI and explained that things were repetitive there, whereas at BCFSA, he has the opportunity to wear many hats and his responsibilities vary greatly. T. Yalkin explained that he views speaking events, such as CAFII’s reception, as opportunities to share and learn; he is just as eager to convey messages to the industry as he is for the industry to express its thoughts to him. He feels this sort of open dialogue is and should remain ongoing.

T. Yalkin then spoke about the state of Canada, noting that the ongoing strife with the US and the impending election have left the country in a state of unrest. To him, this all reinforces the criticality of collaborating across industries. He feels it is essential to identify shared interests. Given the prevailing sense of powerlessness due to socio-political issues, our country needs to unify. He analogized Canada to a bridge; all the components must work together to maintain the structure’s integrity. This is true of industry; we must work together to maintain the security of our nation.

Due to his previous work at OSFI, T. Yalkin explained that he is familiar with the insurance industry. He said that, considering the role of CAFII and its members in Canada, there is a shared purpose—offering Canadians financial well-being. Especially now, providing Canadians with confidence and assurance in industry is essential. As the CEO of a regulatory body, he wants people to have access to the right products and tools to understand them.

CAFII plays a central role in helping regulators and industry deliver on the commitment to the fair treatment of customers. At BCFSA, regulations are not just ends in themselves. They are tools to reinforce confidence in the financial sector. Today, more than ever, confidence is wavering. Folks are often unaware of their coverage or are generally uninformed. Insurance products are often complex, which can be both a boon and a hindrance. For this reason, providers must consider how the industry ensures consumer financial awareness. T. Yalkin added that he is not trying to tell industry how to operate but rather to express shared values.

T. Yalkin then spoke about the moment when “things go sideways.” This is when a crisis arises, and the affected individuals must, therefore, submit a claim. When disaster hits, people often feel panicked. Then they remember that they are insured and have coverage. Now, imagine purchasing a policy only to learn that, when it is needed, it isn’t what you believed it to be. That is a horrible feeling. This is what industry and providers want to design against. Structural difficulties and failings have a real human impact. While individual insurers offer specific products, the reality is that people tend to generalize the system as a whole. This is because industry relies on all its components. If industry can prevent a moment of fear and pain, that’s all that matters.

Moving on, T. Yalkin spoke about the relationship between regulators and the industry, commenting on the critical importance of both sides. He listed the following three issues that he sees taking shape in Canada:

1. Accessing or affording insurance is becoming increasingly more complex. Sometimes it’s price, sometimes it’s underwriting, sometimes it’s availability, sometimes it’s economic uncertainties. People can be and are left exposed. If the system doesn’t reach everyone, then it isn’t serving everyone.
2. Industry is operating in an increasingly fragmented regulatory environment. Numerous differences exist between jurisdictions. However, the degree of idiosyncratic differences is not often worth it, yet it remains. This is not to say that jurisdictions cannot have specific characteristics; rather, it is about achieving harmonization. How can regulators create a regulatory framework that is as efficient and optimal as possible? This highlights the importance of harmonization in safeguarding both consumers and the industry. T. Yalkin added that regulators need to think beyond themselves to truly serve the interests of Canada. He added that he will be looking for opportunities and areas where the BCFSA can harmonize. When things are harmonized, expectations are more likely to be met.
3. Distribution models are changing. T. Yalkin explained that he is in favour of expanding access to better serve the consumer. At the same time, the industry must be mindful of potential oversight and third-party risks. He expressed appreciation for the helpful dialogue that happened with CAFII on maintaining strong oversight of the FTC across the entire supply chain.

Broader modernization efforts are being made in BC. The province is preparing for the RIA regime, which will be overseen by the Insurance Council. T. Yalkin hopes it underscores the collective ethos that the BCFSA is committed to ensuring that different channels and sales models are available. This is about a diverse marketplace.

T. Yalkin concluded his speech by reflecting on meaningful progress—access to products, clarity of products and policies, and focus on the FTC. This isn’t just about regulation but a shared responsibility to these ideals. Industry and CAFII members are uniquely positioned to facilitate this. He expressed his excitement about future work and collaboration to identify gaps in the industry. Through collaboration, customer experiences can only improve. There needs to be a balance between profit and consumer interest.

T. Yalkin then opened the floor to questions. Fern Karsh, Senior Policy & Technical Lead at FSRA, asked if any changes would be made to the BCFSA’s mandate. T. Yalkin explained that, relating to insurance, there are two key things where there are clear mandates:

• Amalgamated entity. One of the first things T. Yalkin did when he joined the BCFSA was to create a shared vision and purpose. The BCFSA needed a clear, compelling vision as a regulator and a part of the insurance ecosystem. The vision has expanded beyond the organization to impact British Columbia consumers. This is an ongoing process, but a critical one. It begs the question: what kind of insurance industry should exist in BC, and what is the BCFSA’s role in this? It is about building and maintaining consumer confidence. Regulators must create confidence in their sector and themselves.
• Open and continuous communication. While there is a focus on curiosity and collaboration, a degree of distance often exists, resulting in insufficient dialogue between industry, regulators, and consumers. The BCFSA board informed T. Yalkin that they want more dialogue across the industry and enhanced stakeholder engagement. This is another big part of the new mandate. A rich dialogue between industry and regulators is key. The challenges Canada is facing (economic, for example) will impact all of us. The only way to navigate this complex time is through collaboration. Figuring out how to share and then leverage the collective knowledge will only serve to benefit Canada.

Byren Innes, Managing Director and CEO of Jennings Consulting, commented on T. Yalkin’s mention of FTC and asked if this included fair value. When pressed for clarification, B. Innes mentioned the UK and how it focuses on customers getting the correct value for what they buy. T. Yalkin replied that he had not heard this term before and, thus, didn’t have a specific BCFSA response to offer. He commented that the BCFSA has ongoing conversations around affordability and availability, which may encompass fair value. T. Yalkin said he would research fair value further to consider the BCFSA’s role in this and the parameters, including the mandate, to determine if this would be important to them as a regulator. While affordability and availability are concerns, so are deductibles and the awareness of stipulations.

T. Yalkin concluded the Q&A session by commenting that educating consumers is not necessarily the sole responsibility of regulators or the industry, but rather a shared responsibility of both. He then thanked CAFII and TD for having him. V. Gillis thanked T. Yalkin. The night continued with further food, drinks, and a prize draw.