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Legal experts welcome B.C. consultation on financial regulation

Friday, April 06, 2018 @ 12:25 PM | By Ian Burns

The B.C. government is undertaking a review of its legislation surrounding credit unions and insurance companies, and experts are saying change is necessary in order to more closely align policy with modern standards and deal with a lack of oversight in some areas.

The provincial Ministry of Finance’s consultation paper on the Financial Institutions Act (FIA) and the Credit Union Incorporation Act (CUIA) was released March 19. It outlines 68 preliminary recommendations on legislative change, with an eye to modernizing the province’s regulatory framework “in order to maintain...