FIA/CUIA Consultations

The Ministry of Finance is undertaking a broad review of the Financial Institutions Act (FIA) and the related Credit Union Incorporation Act (CUIA).

The FIA provides the regulatory framework for credit unions, insurance companies and intermediaries, and trust companies, and the CUIA provides the framework for incorporation and corporate governance of credit unions. The goal of this regulatory framework is to maintain stability and confidence in the financial services sector by reducing the risk of failures and providing consumer protection. To ensure that the regulatory framework continues to be effective, efficient and modern, both the FIA and CUIA contain a requirement that a review of the legislation be initiated every 10 years.

The Initial Public Consultation Paper set out a number of key issues and specific areas about which the Province was seeking input and comments. Stakeholders were also invited to provide comments on other issues with the regulatory framework they would like considered as part of the review. A high-level summary of the input received from stakeholders in response to the consultation paper, and copies of stakeholder submissions, can be found below.

The Second Public Consultation Paper identifies the proposed policy and legislative changes to the FIA and CUIA. Stakeholders are again invited to provide comments on the proposed changes to the regulatory framework. Please note that the proposed changes do not represent government policy and are intended to elicit discussion.

Feedback from stakeholders on the second consultation paper’s proposed changes will help guide government as it considers legislative changes to the FIA and CUIA. After consultation and analysis, Ministry staff will prepare specific policy proposals for the consideration of government. Ultimately, any proposed changes to the FIA and CUIA would be subject to consideration and approval by the Minister of Finance and Cabinet, and approval of the Legislature of British Columbia.

If you have questions about the review process, please feel free to call 778 698-1837. To avoid long distance charges, call Enquiry BC at 1-800-663-7867.

Related resources: