Canada New Crown Tender

New legislation establishing the B.C. financial services authority will more effectively protect people when they use financial services and boost oversight of the sector to support a strong sustainable economy and make life better for people.The financial services authority act establishes a new independent Crown agency to regulate credit unions insurance and trust companies pensions and mortgage brokers.People in B.C. work hard to make a living and its our responsibility to make sure their financial interests are protected whether thats applying for a mortgage using a credit union getting insured or contributing to their pension said Carole James Minister of Finance. The financial services sector is rapidly evolving. This legislation will make sure B.C.s financial services regulator is modern effective and efficient for decades to come.The act is designed to improve accountability and oversight and align with international best practices and be consistent with other regulators.British Columbians expect a financial regulator to protect their interests said Stanley Hamilton chair Financial Institutions Commission. This is a significant achievement that demonstrates governments commitment to making the changes needed to ensure we can successfully deliver on our mandate.The legislation requires the authority to be managed by a board of directors that will appoint a CEO. The authority will be accountable to the minister of finance. As a Crown agency the B.C. financial services authority will receive a mandate letter from the B.C. government and must maintain a service plan and other transparent reporting requirements.Modernizing this key provincial regulator will protect people using financial services into the future. The Province has worked with stakeholders over the past year including as part of a larger legislative consultation and through direct meetings to ensure a smooth transition for the sector. The new B.C. financial services authority is expected to launch later this year.