FSRA Consultation on Credit Union Market Conduct Framework Approach and Interpretation Guidance

Summary

The Financial Services Regulatory Authority of Ontario (FSRA) continues to promote high standards of business conduct to protect credit union members’ and customers’ interests by ensuring credit unions deliver fair outcomes for them.

Thank you for your interest in FSRA’s proposed Market Conduct Framework Guidance. The request for submissions is now closed.

FSRA consulted with stakeholders between June 28, 2021 and August 12, 2021.

Overview

Following its consultation with the sector, FSRA is releasing final Market Conduct Framework Guidance.

The new Guidance comes in effect on date released November 29, 2021 and outlines:

• FSRA’s interpretation of the existing Standards of Sound Business and Financial Practices (By-law No. 5) and section 102 of the Credit Unions and Caisses Populaires Act, 2020 (once proclaimed into force); and
• FSRA’s approach to supervising and enforcing against market conduct frameworks adopted by credit unions. 

Credit unions have until March 31, 2022 to adopt and implement a market conduct framework and until March 31, 2023 to complete their first self-assessment and report to their boards.

Useful Links:

• Credit Union Market Conduct Framework
• Summary of Stakeholder Comments on Market Conduct Framework Guidance

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