Financial Institutions

Overview

The BCFSA has adopted FICOM forms, bulletins, and guidance that were in force on October 31, 2019 for use as of November 1, 2019. These forms and advisory materials are valid until repealed or replaced.

Summary
Credit Unions
Trust Companies
Insurance

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 BC Financial Services Authority is the primary regulator. The BC Financial Services Authority 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.bcfsa.ca/web_Listings/TrustCompanies.aspx

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Insurance

The BC Financial Services Authority 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:

License or deal with complaints about insurance agents, salespeople and adjusters. This is the responsibility of the Insurance Council of British Columbia.
Resolve individual claims disputes between policy holders and insurance companies. These are the responsibility of the court system if they can not be resolved in some other manner.
Regulate the Insurance Corporation of British Columbia or mandatory automobile insurance requirements.
Provide copies of Power of Attorney and Undertakings for insurers. These are the responsibility of the Canadian Council of Insurance Regulators.

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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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