Should We Ask The FCAC To Investigate ? | Hubert Financial | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
Should We Ask The FCAC To Investigate ?
February 25, 2020
6:16 pm
Dean
Slocan Valley, West Kootenays, British Columbia
Member
Members
Forum Posts: 410
Member Since:
January 12, 2019
sp_UserOfflineSmall Offline

.
Financial Post Feb. 20 article ➡ https://business.financialpost.com/news/fp-street/watchdog-finds-shortcomings-with-how-canadas-biggest-banks-handle-consumer-complaints

If the Financial Consumer Agency of Canada (FCAC) can help us when dealing with the Big Banks, they should be able to help us with our concerns, problems, and complaints at Hubert/Sunova too❗

sf-cool " Live Long And Prosper " sf-cool

February 25, 2020
6:31 pm
Norman1
Member
Members
Forum Posts: 3466
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

The Financial Consumer Agency of Canada has no jurisdiction over provincially-regulated financial institutions like Sunova Credit Union/Hubert Financial.

According to its main page, FCAC only deals with federally-regulated financial entities:

The Financial Consumer Agency of Canada (FCAC) ensures federally regulated financial entities comply with consumer protection measures, promotes financial education and raises consumers’ awareness of their rights and responsibilities.

February 26, 2020
8:53 am
Dean
Slocan Valley, West Kootenays, British Columbia
Member
Members
Forum Posts: 410
Member Since:
January 12, 2019
sp_UserOfflineSmall Offline

Duly noted ⬆, Norman ... Thanks❗

I guess that means we'd have to go the 'provincial' route.

Does anyone know who regulates the CU's in Manitoba❓

sf-cool " Live Long And Prosper " sf-cool

February 26, 2020
9:35 am
Doug
British Columbia, Canada
Member
Members
Forum Posts: 3578
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

Dean said
Duly noted ⬆, Norman ... Thanks❗

I guess that means we'd have to go the 'provincial' route.

Does anyone know who regulates the CU's in Manitoba❓  

No, Dean, that's a major pitfall of provincially-regulated credit unions, which I've written about on these forums in other threads. The regulators look only at such things as (a) whether the credit union has informed them of material changes (i.e., senior executive changes, business acquisitions or proposed acquisitions, proposed amalgamations, etc.), (b) filed their required regulatory paperwork and audited financial statements in a timely fashion, and (c) that they're sufficiently capitalized. They'll, of course, supervise them over things like door decal signage for provincial deposit insurance and anything within the confines of the applicable Act, but they do not regulate from the perspective of consumer protection.

In short, your last options would be: (a) the CEO of the credit union question or (b) the courts.

Cheers,
Doug

February 26, 2020
10:28 am
Doug
British Columbia, Canada
Member
Members
Forum Posts: 3578
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

Doug said
No, Dean, that's a major pitfall of provincially-regulated credit unions, which I've written about on these forums in other threads. The regulators look only at such things as (a) whether the credit union has informed them of material changes (i.e., senior executive changes, business acquisitions or proposed acquisitions, proposed amalgamations, etc.), (b) filed their required regulatory paperwork and audited financial statements in a timely fashion, and (c) that they're sufficiently capitalized. They'll, of course, supervise them over things like door decal signage for provincial deposit insurance and anything within the confines of the applicable Act, but they do not regulate from the perspective of consumer protection.

In short, your last options would be: (a) the CEO of the credit union question or (b) the courts.

Cheers,
Doug  

To add to my reply above, the principal regulator of the Manitoba credit unions is the Financial Institutions Regulation Branch of the Ministry of Finance. They also regulate securities and real estate matters in the province of Manitoba, and will continue to do those functions. However, I note that after April 30, 2020, the province is transferring regulatory authority for credit unions to the Companies Office of the Ministry of Finance (see notice). Although the Financial Institutions Regulation Branch will continue to be the securities regulator, presumably, the Companies Office will handle matters related to credit union share offerings. This is somewhat of a different regulatory reorganization being done than in British Columbia and Ontario last year.

Cheers,
Doug

February 27, 2020
11:04 am
Dean
Slocan Valley, West Kootenays, British Columbia
Member
Members
Forum Posts: 410
Member Since:
January 12, 2019
sp_UserOfflineSmall Offline

Thanks for All that ⬆, Doug❗

With no FCAC equivalent for Manitoba CU's, we appear to have no recourse. And as many of us here on these forums are not even residents of Manitoba, it makes matters even worse.

sf-cool " Live Long And Prosper " sf-cool

February 27, 2020
2:54 pm
Doug
British Columbia, Canada
Member
Members
Forum Posts: 3578
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

Dean said
Thanks for All that ⬆, Doug❗

With no FCAC equivalent for Manitoba CU's, we appear to have no recourse. And as many of us here on these forums are not even residents of Manitoba, it makes matters even worse.  

Yeah, and from moving the regulator to Companies Office at the Ministry of Finance, it looks like Manitoba is further deregulating financial services.

That said, I quite like Sunova Credit Union and, while their online banking interface is clunky and the newer interface isn't very intuitive and user friendly, overall, I would say they don't need much regulating. We're pretty fortunate that they're reasonably responsive to customers.

Cheers,
Doug

February 27, 2020
3:32 pm
Norman1
Member
Members
Forum Posts: 3466
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

Dean said
With no FCAC equivalent for Manitoba CU's, we appear to have no recourse. And as many of us here on these forums are not even residents of Manitoba, it makes matters even worse.

That depends on what the complaint is.

If it is about the look and content of their Hubert monthly statements or new website, then I don't think FCAC would be able to do anything anyways had Sunova been federally regulated.

February 28, 2020
3:12 pm
Yatti420
Canada
Member
Members
Forum Posts: 393
Member Since:
July 10, 2011
sp_UserOfflineSmall Offline

You just go to the regulatory body for the specific province the credit union resides in I believe.. Ontario.. https://www.fsrao.ca/... Manitoba has one etc etc.. Your CU should have a page for complaints etc aswell.

February 28, 2020
5:32 pm
Doug
British Columbia, Canada
Member
Members
Forum Posts: 3578
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

Yatti420 said
You just go to the regulatory body for the specific province the credit union resides in I believe.. Ontario.. https://www.fsrao.ca/... Manitoba has one etc etc.. Your CU should have a page for complaints etc aswell.  

Yes, that's correct, Yatti420, except that the provincial regulatory authorities don't really hear complaints related to customer complaints or consumer protection-type complaints because they don't have a legislative mandate to do so. They'll really only take complaints related to things within their scope (i.e., if a credit union did not provide you financial statements on request or publish said statements on their website, if there were irregularities related to a share offering and/or errors in the offering prospectus, or to hear from members in cases of credit union amalgamations). So, the provincial regulators are basically toothless. 😉

Cheers,
Doug

Please write your comments in the forum.