British Columbia Changes Financial Rules

In the Canadian province of British Columbia, the rules for the activities of financial companies have been changed. First of all, a new regulator has appeared. A number of regional laws have also been added.

British Columbia is one of Canada's most attractive provinces in terms of doing business. It is here that many companies are registered and subsequently operate throughout the country. If you plan to start a business in Canada and are considering the possibility of registering a company in British Columbia, you need to know that in November 2019 the rules of financial activity have been changed. Consider the main changes.

First of all, the regulator has changed. Earlier in British Columbia, financial supervision was carried out by the Financial Institutions Commission (FICOM). On November 1, the agency stopped any work in the financial sector and delegated authority to the Financial Services Commission (BCFSA). The agency will carry out all the same functions that FICOM was previously engaged in.

The BCFSA plans to pass a series of amendments to the provincial financial laws to improve supervision. In particular, credit unions and organizations should be required to develop a process for handling customer complaints. British Columbia insurance agent licenses will become limited. The rules for them will be determined by the Provincial Insurance Council.

Law company Law&Trust offers its services to companies that plan to work in Canada. The company's lawyers will help you register a company in British Columbia or choose a different region if, due to legislative changes, this province is not suitable for you.