ID
2021-007

Type
Policy
Sector
Credit Unions and Caisses Populaires
Status
Public comment closed
Date
Comment Due Date

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:

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Sector Comment Date posted Sort descending
Credit Unions and Caisses Populaires
[2021-007] José Gallant - Alterna Savings

Credit Unions and Caisses Populaires
[2021-007] Brigitte Catellier - Meridian Credit Union
Please see attached letter of comments. Thank you.
Credit Unions and Caisses Populaires
[2021-007] Stephen Bolton - Libro Credit Union
Thank you for the opportunity to present our response to this public consultation. We appreciate the work from FSRA on this important policy and for the ongoing discussion related to market conduct and strengthening the sector for our Owner/Members in each area of the code. We look forward to FSRA's response to our questions of clarity within our formal response. We look forward to continued ongoing discussion.


Credit Unions and Caisses Populaires
[2021-007] Consumer Advisory Panel (CAP)

Credit Unions and Caisses Populaires
[2021-007] Nick Best - Canadian Credit Union Association (CCUA)

No questions have been asked about this consultation yet.