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.

There will be further opportunities for input from stakeholders and other interested parties during later stages of the review. After analysis of the issues and input received during the initial consultation period, the Ministry plans to prepare and release a consultation paper identifying the proposed changes and seeking further input.

If you have questions about the review process, please feel free to call 250 356-9911. To avoid long distance charges, call Enquiry BC at 1-800-663-7867.

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