Financial Institutions

Overview


Credit Unions

Our Financial Institutions Division regulates credit unions under the Financial Institutions Act and the Credit Union Incorporation Act.

The Financial Institutions Division investigates complaints of regulatory matters or criminal wrong doing.

Things We Do Not Do:

We are unable to assist you in civil, contractual, and legal disputes or in service quality and business matters with your credit union.

If your complaint pertains to a civil, contractual, legal, service quality or business matters, we recommend that you contact the manager of the branch that you deal with. If you are still not satisfied after discussing the matter with the branch manager, you should contact the chief executive officer of the credit union.

Credit Union Prudential Supervisors Association (CUPSA)

Canadian credit union and caisse populaire deposit protection agencies and prudential supervisors have united to create the Credit Union Prudential Supervisors Association (CUPSA). CUPSA´s mandate is to cooperatively pursue effective regulation and supervision of the credit union and caisse populaire sector in Canada.

Please refer to http://cupsa-aspc.ca for more information.

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Trust Companies

If the trust company is a British Columbia Trust Company, the Financial Institutions Commission is the primary regulator. The Financial Institutions Commission investigates complaints of regulatory matters or criminal wrong doing.


Things We Do Not Do:

We are unable to assist you in civil, contractual, and legal disputes or in service quality and business matters with your trust company. If your complaint pertains to a regulatory or criminal matter, you can submit your complaint with our office.

If the trust company is a federally regulated trust company, you can contact the Ombudsman for Banking Services and Investments who may be able to assist you. The Ombudsman for Banking Services and Investments has a web site at www.obsi.ca. Further, the Office of the Superintendent of Financial Institutions (Canada) is responsible for regulating federal trust companies. The Office of the Superintendent of Financial Institutions (Canada) has a web site located at www.osfi-bsif.gc.ca.

Note: Check the trust company listings if you are unsure whether your trust company is federally or provincially regulated: http://www.fic.gov.bc.ca/web_Listings/TrustCompanies.aspx

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Insurance

The Financial Institutions Commission is responsible for the day-to-day regulation of private sector insurers operating in British Columbia. Our responsibilities include.

  • ensure that insurers are properly authorized;
  • supervise insurers and address solvency concerns with their operations;

  • address statutory market conduct issues;

  • maintain a timely and efficient registration system for insurers and captive insurance companies;

  • work with other jurisdictions to effectively deal with cross jurisdictional regulatory problems. 

Things We Do Not Do:

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Search the Canadian Insurance Regulators Disciplinary Actions Database issued by the insurance regulators of CISRO and CCIR

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