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Frequently Asked Questions on the Financial Institutions Act, Section 130 [Public access to financial information]
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Section 130 was repealed and replaced by the Financial Institutions Amendment Act, 2019 (Bill 37), and brought into force by Order in Council 361/2025 effective January 1, 2026.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 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 127 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”).
