Legislation to establish the Saskatchewan Financial Services Commission will come into force on February 1, creating a single financial services regulator so consumers get assistance from one source.

The Saskatchewan Financial Services Commission Act integrates the three major organizations that regulate financial services in Saskatchewan: the Saskatchewan Securities Commission, the Financial Institutions Section of the Consumer Protection Branch, and the Pension Benefits Branch of the Department of Justice.

The Saskatchewan Financial Services Commission will serve as a single point of access to financial market regulators. It will oversee the regulation of credit unions, insurance companies, trust, loan, and financing corporations, and securities dealers and advisers.

“This is an important development that will benefit Saskatchewan consumers, businesses, and investors,” Justice Minister Chris Axworthy said. “This Commission will provide more responsive, co-ordinated, and effective decision-making with respect to financial regulation in our province.”