British Columbians are invited to share their thoughts on proposals for the future of the Province’s financial institutions.
Today, the Province released its second consultation paper on the Financial Institutions Act (FIA) and the Credit Union Incorporation Act (CUIA). The FIA provides the legislative and regulatory framework for credit unions, insurance companies and intermediaries, and trust companies. The CUIA provides the framework for incorporation and corporate governance of credit unions.
The consultation paper outlines a number of possible policy and legislative changes that would modernize the Province’s regulatory framework. The paper also outlines recommendations for changes to the governance and structure of the Financial Institutions Commission of British Columbia (FICOM). FICOM is responsible for regulating and supervising financial institutions in B.C., including credit unions, insurance companies and intermediaries, mortgage brokers, pension plans and trust companies. The paper includes a recommendation to establish FICOM as a Crown agency.
As part of the consultation, the Province is seeking input from stakeholders in the financial services sector, other interested parties and members of the public. The Province will consider this feedback as it develops proposals for legislative and regulatory changes, subject to legislative approval.
The consultation closes June 19, 2018.
- The FIA and the CUIA stipulate that a review of the legislation be initiated every 10 years. The first consultation paper was released in 2015.
- This second consultation paper is part of a broad review of the two acts, to ensure that the regulatory framework continues to be effective, efficient and modern.
Read the consultation paper and provide feedback: http://www.fin.gov.bc.ca/pld/fiareview.htm