British Columbia: Proposed changes to Financial Institutions Framework

British Columbia: Proposed changes to Financial Institutions Framework

The Government of British Columbia has proposed changes to the Financial Institutions Act (FIA) and the Credit Union Incorporation Act (CUIA).

 

The changes are aimed at modernizing the legislative framework, better protecting consumers and helping to maintain public confidence in the province’s financial institutions.

 

The proposed amendments to the FIA and CUIA include:

  • providing the Financial Institutions Commission (FICOM) with the ability to issue legally binding rules; and
  • protecting sensitive information provided to FICOM as part of a financial institution’s self-assessment of risks.

 

The proposed changes also include:

  • requiring codes of market conduct for insurance companies and credit unions;
  • implementing restricted licensing for incidental sales of insurance; and
  • allowing credit unions to notify and communicate with members electronically.

 

The amendments will come into force through regulation.

 

Photo Credit: ArtTower from Pixabay 

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