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.
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.