Saskatchewan credit unions have operated under a Market Practices Code (Market Code) since 2006. Market Code builds on the commitment to high-quality member service and represents the standards the credit union embraces as an organization, the way of the credit union conducts itself and its relationships with members.
Federally regulated financial institutions, including banks, have adopted market practice codes as an alternative to having them mandated. Regulatory direction at the provincial level is consistent with this approach in the financial services industry. Credit Union Market Practices Code (Market Code) in Saskatchewan is the result of legislation written into The Credit Union Act, 1998 but not proclaimed. It identifies a requirement for credit unions to adopt a Market Code and define “market practices” as any activity relating to providing, soliciting, promoting, advertising, marketing, selling, or distributing a credit union’s products and services, either directly or indirectly.
In 2018, the government of Canada adopted legislation to modernize the Financial Consumer Protection Framework in the Bank Act. The Framework introduced new and enhanced protections for consumer banking rates and interest. Credit unions acknowledge and, where practical, will be mindful of these enhanced consumer protection requirements for the rights and interest of members with respect to financial products and services.
