Province of BC makes updates to better protect people’s finances

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VICTORIA, B.C. – The Provincial Ministry of Finance is making updates to the Financial Institutions Act and Credit Union Incorporation Act in an effort to better protect the financial interests of British Columbians.

According to the Minister of Finance, Carole James, the updates will allow the Financial Institutions Commission to have the tools needed to respond quickly to new and emerging risks.

James says citizens can feel confident knowing that the updates will better protect their financial interests.

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“The financial world moves quickly, and British Columbia needs a modern system where our financial regulators, like the Financial Institutions Commission, have the tools to respond quickly to new and emerging risks. British Columbians can feel confident knowing that these updates will better protect their financial interests today and into the future.”

To keep the legislation updated and modern, the Province says it is required to review the Financial Institutions Act and Credit Union Incorporation Act every ten years.

The Province says these updates are consistent with federal standards, as well as legislation in Alberta, Saskatchewan and Manitoba.

For more information on the updates, you can visit the Province’s website.

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