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Ministry of Finance

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778 974-3341


Amendments to financial institutions and credit union incorporation acts

The proposed changes to the Financial Institutions Act (FIA) and Credit Union Incorporation Act (CUIA) are aimed at modernizing the legislative framework, better protecting B.C. consumers and helping to maintain public confidence in British Columbia’s financial institutions.

Amendments to the FIA and CUIA include:

  • providing B.C.’s Financial Institutions Commission with the ability to issue legally binding rules. Any new rule would be subject to mandatory public consultation and ministerial approval.
  • protecting sensitive information provided to FICOM as part of a financial institution’s self-assessment of risks.
  • requiring codes of market conduct for insurance companies and credit unions.
  • implementing restricted licensing for incidental sales of insurance.
  • allowing credit unions to notify and communicate with members electronically.

The amendments will come into force through regulation.