FSRA releases market conduct framework guidance to help protect and enhance confidence in the credit union sector
The Financial Services Regulatory Authority of Ontario (FSRA) promotes high standards of business conduct and protects member and customer interests by ensuring credit unions deliver fair outcomes to them.
Following 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.
The Financial Services Regulatory Authority of Ontario (FSRA) is continuing to work with those we regulate to ensure financial safety, fairness and choice for consumers and members. Learn more at www.fsrao.ca.
For Media inquiries:
Ellen Kaross, Senior Advisor, Public Affairs,
Financial Services Regulatory Authority of Ontario,
Email: [email protected]