B.C. Credit Union Market Code of Conduct

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Following amendments to the Financial Institutions Act (“FIA”) in 2022, the Government of B.C. brought into force section 94.2, Credit union — code of market conduct. It requires B.C. credit unions to adopt a code of market conduct (“Code”), file the Code with BCFSA, and comply with the Code’s provisions.

As part of BCFSA’s mandate to enhance confidence in B.C.’s financial services sector, including the credit union segment, BCFSA established the Code of Market Conduct Reporting Requirements for B.C. Credit Unions under section 127 of the FIA.

All B.C. credit unions are required to attest to compliance with the Code annually and file that attestation with the Superintendent of Financial Institutions at BCFSA.


  Relevant Publications

Frequently Asked Questions

  • BCFSA does not have a typical timeline for providing feedback. BCFSA’s approach is to assess all Market Conduct Annual Reports, including a self-assessment, and provide feedback:

    • To individual credit unions that were specifically selected for an examination; and
    • To the credit union system in the form of a Letter of Expectations, a guidance or other regulatory tool that highlights good practices and common weaknesses.
  • The BCFSA Regulatory Statement includes the rating scale and expectations that justify the rating rationale. A credit union’s response is considered fulsome if it speaks to the following components for each principle of the self-assessment:

    • Formal policies and procedures;
    • Training to staff;
    • Control testing; and
    • Action plans to remedy the gaps in controls.

    BCFSA held an information session in November 2023 that provided examples of sufficient and insufficient responses included in the 2022 self-assessment filings.

  • The BCFSA Letter of Expectations dated November 17, 2023, speaks to the areas where credit unions should focus their efforts in the short term. BCFSA plans to issue a Letter of Expectations, or other regulatory tools, on a periodic basis to provide additional guidance to credit unions as they mature their market conduct code compliance programs.