The NDP government has announced the creation of a new Crown agency to strengthen oversight of the financial services sector in B.C.
In a news release, the government says that while industry practices have rapidly changed due to shifts in technology and international standards, BC’s regulatory structure has not, requiring changes to better protect people when they use the financial services sector.
- IBC estimates $230M in insured damage claimed from Edmonton storms
- Alberta First Nation sues Ottawa over $5 treaty annuity, argues amount stuck in 1899
- Jobs hang in the balance as Ekati diamond mine in N.W.T. closing early
- WestJet flight attendants hold information pickets as strike vote takes place
Get weekly money news
Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday.
By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.
The Horgan government will introduce enabling legislation next spring to make the Financial Institutions Commission an independent Crown Agency.
It will regulate mortgage brokers, insurance and trust companies, pensions, and credit unions.
Comments
Want to discuss? Please read our Commenting Policy first.