On June 2, 2015 the Province released an Initial Public Consultation Paper and invited input from citizens and stakeholders in the financial services sector, for consideration as part of a broad review of the Financial Institutions Act and the Credit Union Incorporation Act. Submissions were accepted by email or mail until September 15, 2015.
The Financial Institutions Act provides the regulatory framework for credit unions, insurance companies and intermediaries, and trust companies; the related Credit Union Incorporation Act provides the framework for incorporation, and corporate governance of credit unions.
The goal of this regulatory framework is to maintain stability and confidence in the financial services sector by reducing the risk of failures and providing consumer protection. The Financial Institutions Act and the Credit Union Incorporation Act contain requirements that a review be initiated every ten years to ensure the regulatory framework for the financial services sector remains effective, efficient and modern.
This review forms part of the Ministry of Finance’s ongoing revision of important framework statutes in the corporate, real estate, pensions and financial services sectors. In recent years this process has resulted in several pieces of new or revised legislation.
The Ministry of Finance received over 40 written submissions in response to the FIA/CUIA review initial public consultation paper, and Ministry staff met with a number of stakeholders, including credit unions, insurance sector and intermediary organizations and associations, trust companies, individuals and others, to discuss their written submissions.
Input leads to action:
A summary report of the Input Received from Stakeholders in Response to FIA/CUIA Review Initial Public Consultation Paper was published in March 2016.
Ministry staff are currently analyzing issues and developing policy options.