Consultation Extended for Proposed Changes to the Standards of Sounds Business Practices

The collective input Saskatchewan Credit Union Deposit Guarantee (CUDGC) has received pertaining to its proposed changes to the Standards of Sound Business Practices has prompted the regulator to make some changes. In a communication to credit unions this week, CUDGC announced it will be revising the original consultation document and will conduct an additional virtual meeting with credit unions this fall. CUDGC is proposing implementing the new Standards a year later than previously planned, in January 2024. CCUA received extensive input from credit unions as part of the submission it made in the first phase of the consultation in June and we are very pleased that the regulator has responded. For more information, please contact Leslie Trobak.

Pending Regulation of Financial and Advisors in Saskatchewan

Financial and Consumer Affairs Authority officials continue their work on the new regulatory framework for Financial Planner and Financial Advisors in Saskatchewan. The legislation was passed in 2020 and the first consultation on the draft regulations was issued in the summer of 2021. Saskatchewan credit unions support the aim of the new legislation to provide more transparency for consumers using financial advisor of financial planner services. CCUA is seeking clarity on timeline for implementation, the fee schedule and the proposed list of titles that would be captured under the laws. After a recent meeting with FCAA officials, CCUA has send in an additional submission on the regulatory framework.

The link to CCUA’s second submission can be found here.

CCUA has also had discussions with Financial Planners Canada, Advocis and the Canadian Securities Institute about their intentions to become credentialling bodies in Saskatchewan just as they have recently been approved to do in Ontario. CCUA will continue to closely monitor this issue.  For more information, please contact Leslie Trobak.