Abstract: A flotation vest in the form of a buoyancy compensator for divers or a PFD (personal flotation device) for canoeists and the like including a collar and waistcoat assembly secured to the body of a user by a modified and simplified parachute style harness. The vest and harness configuration assure that a user will float on a water surface in a stable, head up and out of water position. The buoyancy compensation invention is inflatable and includes connectors for securing a scuba backpack directly thereto, thus eliminating the usual waist buckle of the backpack. The buoyancy compensation invention may include an auxiliary equipment strap, a front mounted equipment pocket and a pair of side pockets for trimming weights and/or an extra second stage of a regulator. The PFD invention is filled with a buoyant foam material and includes a lateral fold between the collar and waistcoat to assure proper and comfortable fit of the PFD against the user's body.