Final answer:
When a licensee loses a case with BCFSA, seeking judicial review is a potential next step. This involves a higher court review to identify legal errors in the original decision, an option also historically exercised in notable cases such as the women's rights petition to the Privy Council in 1929.
Step-by-step explanation:
If a licensee loses a case with the BC Financial Services Authority (BCFSA), they have a few options for further action. One of the actions the licensee can take is to seek judicial review. This process involves a review by a higher court of the decision made by BCFSA to determine if there were any legal errors in the way the decision was made. This option is in line with historical precedents, such as the 1929 case where the petitioners appealed to the Judicial Committee of the Privy Council in London after their case regarding the right of women to be considered persons under the British North America Act was not resolved domestically. The Privy Council ultimately ruled in favor of the petitioners.
Other options, not necessarily related to the BCFSA context, can include filing an appeal, requesting a rehearing, and initiating arbitration, but these actions would depend on the specific legal context and available remedies as set out in the governing legislation and rules of the regulatory body. For instance, arbitration may not be applicable if the regulatory framework does not provide for such a process for the type of decision under review.