Financial Institutions Legislative and Regulatory Reporter – Commentary

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This article provides a monthly summary of BC legislative and regulatory developments relevant to provincially regulated financial institutions. It does not address developments in Canadian federal financial services legislation and regulations. Furthermore, purely technical and administrative changes (eg changes to reporting forms) are not covered.

The following table shows the developments of the BC Financial Services Authority (BCFSA) from May to June 2022.

Date published

Title and abstract

Effective date

June 29, 2022

Legislative amendments adopted in the fall of 2019 to modernize the Financial Institutions Act established the obligation for insurers to adopt and comply with a code of conduct in the market. The BCFSA has published a draft code of conduct for insurers and additional guidelines and an associated discussion paper for review and comment. The code sets out fundamental principles and desired outcomes giving insurers the latitude to “determine strategies, policies, processes, procedures and controls based on risk and in a proportionate manner to achieve fair treatment of customers”. Once officially established, all BC insurers will be required to adopt and comply with the code.

Comment before August 6, 2022

June 16, 2022

The BCFSA has issued a guideline on the management of home warranty claims and complaints outlining the expectations of all licensed home warranty insurers in British Columbia in response to ongoing claims and complaint handling issues. The guideline addresses three areas where home warranty insurers should strengthen their processes and practices:

  • management oversight of the handling of grievances and complaints;
  • policies and procedures for handling claims and complaints; and
  • management of complaints and complaints files.

The BCFSA expects all P&C insurance companies to consider the guideline when establishing or reviewing their claims and complaints management policies and processes.

Effective June 16, 2022

May 25, 2022

The BCFSA announced the delivery of its report, Enhancing Consumer Protection in BC’s Real Estate Market, to the Minister of Finance. The report contains advice on the potential considerations of the government’s proposed homebuyer protection period, commonly referred to as the cooling-off period, for residential property sales, as well as advice on additional consumer protection measures.

The following table presents the legislative developments from May to June 2022.

Date published

Title and abstract

Effective date

June 2, 2022

The Professional Governance Amendment Act 2022, SBC 2022, c 19 (Bill 21), received Royal Assent on June 2, 2022. The Act aims to increase consistency and improve best practices among registered professions in the province. Under section 142.1 of the Trade Practices and Consumer Protection Act, the government may designate particular activities for enforcement, with certain exceptions. Bill 21 exempts activities related to the Professional Governance Act (with the exception of Section 3 of Schedule 1 to the Act, which deals with BC applied science technologists and technicians) from the application of this provision.

Effective June 2, 2022

June 2, 2022

The Miscellaneous Statutes Amendment Act 2022, Chapter 14 (Bill 17), which amends the Business Practices And Consumer Protection Act, has received Royal Assent.

Filed on February 17, 2022

The Financial Institutions Amendment Act 2019, SBC 2019, c 39, sections 14 and 79(a) was proclaimed in force on June 30, 2022. Section 14 adds sections 94.1, 94.2 and 94.3 to the Financial Institutions Act – these sections require insurance companies and credit unions to adopt and adhere to codes of conduct in the marketplace. They also require credit unions to establish procedures for handling complaints. Section 79(a) allows the Governor in Council to make regulations requiring a credit union or extra-provincial credit union to be a member of a prescribed organization to deal with complaints that are not dealt with to the satisfaction of complainants under s. 94.3.

Effective June 30, 2022

Filed on February 17, 2022

The Credit Union Complaint Resolution Regulation (BC Regulation 34/2022) requires a credit union and an extra-provincial credit union to be members of the Ombudsman for Banking Services and Investments to deal with complaints that are not resolved to the satisfaction of complainants under section 94.3 of the Financial Institutions Act.

Effective June 30, 2022

Filed on February 17, 2022

BC Regulation 32/2022 amends the Trust and Deposit Business Exemption Regulation (BC Regulation 173/2008) by repealing the form that forms part of the regulation and providing that the form referred to in section 3(c)(i) is the “form established by the Superintendent”.

Effective June 1, 2022

The following table shows the developments from March to April 2022.

Date published

Title and abstract

Effective date

April 25, 2022

Bill 21: Professional Governance Amendment Act 2022 (3rd Session, 42nd Parliament (2022) has been introduced, amending:

  • the Professional Governance Act [SBC 2018] c47;
  • the Trade Practices and Consumer Protection Act [SBC 2004] c2;
  • the Interpretation Act [RSBC 1996] c 238;
  • water sustainability law [SBC 2014] c15; and
  • the Trade Practices and Consumer Protection Act [SBC 2004] c 2.

April 25, 2022

Bill 6: The Budget Measures Implementation Act, 2022 (3rd Session, 42nd Parliament) passed third reading on April 25, 2022 and is now partially in force. The laws concerned by the 2022 Budget Measures Implementation Law are:

  • the Balanced Budget and Ministerial Responsibility Act;
  • the Fiscal Transparency and Accountability Act;
  • the Carbon Tax Act;
  • the Employer Health Tax Act;
  • the Financial Administration Act;
  • Homeowners Subsidy Act;
  • the Income Tax Act;
  • Insurance Premium Tax Act;
  • the Property Tax Deferral Act;
  • the law on forest exploitation tax;
  • the Mineral Tax Act;
  • the Fuel Tax Act;
  • the Real Estate Transfer Tax Act;
  • the Provincial Sales Tax Act;
  • the School Act;
  • the Speculation and Vacancy Tax Act; and
  • the Tobacco Tax Act.

Partially in force since April 25, 2022

Volume CLXII, 2022, n° 13, March 31, 2022

The Maa-nulth First Nations Tax Treatment Agreement Amending Agreement (#2) has been released. For reference, the addendum is dated July 12, 2021.

Here are the changes to the British Columbia regulations for March and April 2022.

For more information on this subject, please contact Cindy Y Zhang to Borden Ladner Gervais LLP by phone (+1 416 367 6000) or email ([email protected]). The Borden Ladner Gervais LLP website can be accessed at www.blg.com.


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