Frequently Asked Questions on the Financial Institutions Act, Section 130 [Public access to financial information]

• Industry Communications

9 February 2026

On January 1, 2026, changes to the Financial Institutions Act (FIA) came into effect. The changes included repealing and replacing Section 130 of the FIA.

BC Financial Services Authority (BCFSA) issued an Advisory about this change in August 2025.

BCFSA has received questions about the current Section 130. For convenience, BCFSA has prepared the following FAQs and answers. Please return to this page for updated information and/or additional questions and answers that may be included.

While BCFSA endeavours to provide the information and guidance necessary for segment participants to comply with the legislation that BCFSA administers, these FAQs are not legal advice. If you need legal advice, you should consult a lawyer.

• 1. Why was Section 130 of the Financial Institutions Act (FIA) replaced?

Section 130 of the FIA has required financial institutions to make a copy of their financial statements and auditor’s report available to the public in person at a branch or office. Changes to Section 130 of the FIA are not intended to change the scope of the information that financial institutions need to provide to the public–the only change is to require this information to be provided online. Online web publication is intended to improve public access to the financial statements.

Current copies of the FIA are available from www.bclaws.bc.ca and past versions of the FIA are available from www.canlii.org.

• 2. Was there any consultation about changes to Section 130 of FIA?

Section 130 was repealed and replaced by the Financial Institutions Amendment Act, 2019 (Bill 37), and brought into force by Order in Council 361/2025 effective January 1, 2026. Bill 37 was made after the Financial Institutions Act review between 2015 and 2018, during which the Ministry of Finance engaged in consultation. The Second Consultation Paper (2018) at Recommendation #9 sets out the recommendation for and rationale for online publication of financial statements.

• 3. Who does Section 130 of the FIA apply to?

Section 130 of the FIA applies to a financial institution. A financial institution is defined in the FIA as a credit union, trust company, or insurance company. Trust company and insurance company are in turn defined as incorporated under the laws of BC. Section 158 [Application of this Division] of the FIA makes Section 130 of the FIA also apply to an extraprovincial insurance corporation or extraprovincial trust corporation.

• 4. Can I redact a document before posting on the website?

Section 130 of the FIA requires that, “When a financial institution files with the superintendent its annual financial statements and auditor’s report, the financial institution must make those documents and any other prescribed documents publicly available by posting them on a website maintained by or on behalf of the financial institution.” The legislation does not allow for redactions or edits to the financial statements filed with BCFSA, nor when those documents are published online.

Financial institutions may want to discuss with their auditors whether their financial statements can be prepared in accordance with GAAP (and the FIA), fairly presenting the financial position and disclosing material matters, but without requiring redactions or edits to remove sensitive or privileged information from the completed financial statements.

• 5. What “other prescribed documents” do I need to post on the website?

“Prescribed” means by regulation (which could include a rule or other instrument made under a power provided by an Act). There are currently no regulations made under Section 130 of the FIA that require additional documents to be posted.

• 6. When do I have to post financial statements on the website?

The financial statements and auditor’s report are required to be posted at the same time as filing with the Superintendent of Financial Institutions (Superintendent). Financial statements and the auditor’s report are required to be filed with the Superintendent within the timelines provided by Sections 127 [Filings] and by 163 [Filings] of the FIA (that is, within 60-90 days after the financial year end).

• 7. Can I suggest updates or changes to Section 130 of the FIA?

Suggestions to amend the FIA may be submitted to the Financial and Corporate Sector Policy branch by email to FCSP@gov.bc.ca, or by mail c/o Policy & Legislation Division Ministry of Finance PO Box 9470 Stn Prov Govt Victoria BC V8W 9V8.

• 8. Are financial institutions required by Section 130 to publish their parent corporation financial statements or additional financial statements?

Some extraprovincial insurance corporations (e.g., extraprovincial foreign insurance branches) (and other financial institutions) are required to file with the Superintendent their own financial statements, parent company financial statements, and (possibly) other financial statements, as set out in Section 163 of the FIA.

The requirement in Section 130 to post annual financial statements and auditor’s report on a website maintained by or on behalf of the financial institution applies to a financial institution’s own financial statements and auditor’s report. That is, the holder of a business authorization from BCFSA is required to publish only their own financial statements and auditor’s report, pursuant to Section 130. (See references in Section 130 to “its annual financial statements and auditor’s report” and “those documents”).

• 9. Does Section 130 apply to all insurance companies and all extraprovincial insurance corporations?
  

Section 130 applies to most insurance companies and extraprovincial insurance corporations; application of the section does not, at a high level, vary depending on the nature of the insurance business engaged in.

There are some exceptions. As a starting point, consider:

1. Section 10(b) [Extraprovincial insurance corporation- reinsurance] of the Insurer Exemption Regulation;
2. Section 3(1) [Application of other Acts to captive insurance companies] of the Insurance (Captive Company) Act;
3. Section 192 [Provisions applicable] of the FIA; and
4. Section 1 [Definitions] of the FIA defines “insurance company” and “extraprovincial insurance corporation” as including and excluding some entities, however section 189 [Application] provides that Section 130 applies to a “mutual fire insurance company”.

BCFSA does not have a general power to exempt a (or classes of) insurance company or extraprovincial insurance corporation from the requirements of Section 130. However, BCFSA may consider voluntary compliance agreements, as set out in Section 244 [Authority’s order to cease or remedy] of the FIA, and has adopted a flexible approach for 2026. (See BCFSA Advisory)

• 10. Does the effective date of January 1, 2026, for Section 130(1) require publication of financial statements for the fiscal year ending in 2025 or beginning in 2026? Can BCFSA delay implementation?

Section 130(1) applies to financial statements and auditor’s reports filed with the Superintendent on or after January 1, 2026, which could include documents related to the fiscal year ending in 2025.

Section 130 is brought into effect by an Order in Council (OIC) and is now the law. OICs are made by the Lieutenant Governor to implement government decisions. BCFSA cannot delay the effective date of the current Section 130.

BCFSA may consider extending timelines within which any return or other record must be filed with the Superintendent, as set out in Section 217 [Extension of time] of the FIA.

• 11. Can links to filings made with the Office of the Superintendent of Financial Institutions (Canada) (OSFI) or other information be published in lieu?  

Section 130 refers to financial statements and auditor’s reports filed with the Superintendent (BCFSA).

However, BCFSA adopted a flexible approach for 2026. (See BCFSA Advisory).

• 12. Did BCFSA provide any notice about changes to Section 130 of the FIA?

BCFSA issued an Advisory (25-031) including this change in August 2025.

While BCFSA endeavours to provide the information and guidance necessary to comply with the enactments that BCFSA administers, it is the responsibility of segment participants to comply with the law.

• 13. Can an insurance company or extraprovincial insurance corporation also provide a link to condensed financial statements, pursuant to Advisory 26-005?

Yes. The flexible approach to enforcement for calendar year 2026, and alternative to full financial statements set out in Advisory (26-005), applies to all financial institutions, and extraprovincial trust corporations or extraprovincial insurance corporations.

Significantly, the approach in Advisory (26-005) only applies to the requirement in Section 130(1) of the FIA to post on a website. Advisory (26-005) does not apply to any other section of the FIA or Credit Union Incorporation Act (CUIA) that provides requirements for the form and content of financial statements or auditor’s report, or for access by members or other persons.

• 14. What information should condensed financial statements that are linked pursuant to the Advisory 26-005 include?

Condensed financial statements must contain at least:

1. a condensed statement of profit and loss and other comprehensive income for the relevant financial year;
2. a condensed statement of financial position at the end of that financial year; and
3. comparative information for the previous year-end.

Credit unions must also include an auditor’s report on the condensed financial statements (see Section 39.49 [Approval for publication] and 39.57 [Annual audit] of the CUIA and Section 128(6) [Financial statements] of the FIA). BCFSA issued a Guideline: Financial Statements Provided to Members to Credit Unions with more information.

• 15. Can a credit union member still access full financial statements of their credit union?

Yes. A credit union member may examine the credit union’s financial statements at set out in Sections 39.43 [Examination of records] and 39.42 (m) [Records office documents] of the CUIA.

See also Guideline: Financial Statements Provided to Members and Sections 128(5), 130(2) of the FIA.

Note: The reference to Section 128(3) of the FIA in the Advisory (26-005) was an example of the use of condensed financial statements, in a different context.