B.C.’s Ministry of Finance announced amendments to the Financial Institutions Act and the Credit Union Incorporation Act, which Finance Minister Gary Collins says will improve the efficiency and effectiveness of financial services sector regulation.

The amendments will:

  • allow B.C. credit unions to operate outside of the province, and credit unions from other provinces to operate in B.C.;
  • modernize the market conduct regulatory requirements imposed on financial institutions and their intermediaries;
  • establish the Financial Institutions Commission as the primary regulatory authority by transferring the regulatory functions of the Minister of Finance and the Superintendent of Financial Institutions to the commission;
  • expand the regulatory authority of the Insurance Council of British Columbia to include responsibility for regulating insurance licensee compliance with the market conduct regulatory requirements;
  • reduce duplication and overlap among regulators from the various jurisdictions in Canada by enabling the Financial Institutions Commission to rely more on the federal regulator and the regulators of other provinces; and
  • expand the enforcement tools available to the FIC to include administrative penalties for contraventions of the regulatory requirements.



“The credit union system of British Columbia strongly welcomes these changes,” said Wayne Nygren, president and chief executive officer of Credit Union Central of British Columbia, in a news release. “B.C.’s credit unions have been seeking the ability to operate outside of the province for a number of years. These changes will permit credit unions to better diversify risk and enhance already strong balance sheets.”

“The Insurance Bureau of Canada and its members are pleased that the legislation enables a reduction in regulatory overlap and duplication,” said IBC’s pacific region vice-president Lindsay Olson. “This change will reduce the burden currently imposed on our members by reducing their regulatory compliance costs.”

“These changes will eliminate outdated and unnecessary restrictions and requirements, streamline regulatory responsibilities, and expand the enforcement tools available to the regulators,” said Collins. “The amendments build on our New Era commitments to create a competitive regulatory climate, stimulate investment and create economic growth.”