Updates to the Financial Institutions Act and Credit Union Incorporation Act will modernize British Columbia’s regulatory framework and align it with international best practices.
Significant updates to the Financial Institutions Act and Credit Union Incorporation Act will make B.C.’s regulatory framework more efficient and modern, while better protecting the financial interests of British Columbians. The Province is required to review the Financial Institutions Act (FIA) and Credit Union Incorporation Act (CUIA) every 10 years.
Among other things, the new legislation gives the BC Financial Services Authority (BCFSA) the ability to issue legally enforceable rules that provide timely guidance to financial institutions in response to emerging risks. The BCFSA now has enhanced investigation powers that are more consistent with other federal and provincial regulators.