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Coordination with Regulators Leads to Orders Against Spring Financial Inc.
On June 5, 2023, Spring Financial Inc. signed an undertaking with Consumer Protection BC to contact eligible borrowers who entered into credit agreements with Spring Financial between April 8, 2016, and March 12, 2021, and advise they may be entitled to a refund.
The terms of the undertaking require Spring Financial to be responsible for reaching out to eligible borrowers. Those who believe they are eligible for a refund and don’t receive correspondence from Spring Financial by mid-August should contact them directly.
In support of BCFSA’s consumer protection mandate we work with regulators and other agencies throughout the province and across Canada to provide a strong, consistent approach to regulation of the financial services sector.
As a result of numerous complaints received by Consumer Protection BC, BCFSA, the Competition Bureau, and various branches of the Better Business Bureau around the sale of credit agreements offered by Spring Financial, BCFSA launched an investigation and issued an order in March 2021 requiring Spring Financial to immediately cease conducting trust business in B.C.
Media Contact:
Warren Mirko
Communications Manager, (778) 783-4057, warren.mirko@bcfsa.ca
Visit: www.bcfsa.ca
