As the regulator of credit unions in Ontario, FSRA requires high standards of business conduct and effective governance to protect the rights and interests of credit union members. PACE was placed into administration by FSRA’s predecessor in September 2018 due to mismanagement and misconduct by members of senior management and a lack of effective governance by the credit union Board.

Members deposits of the PACE credit union continue to be insured through the deposit fund administered by FSRA.