The Financial Services Regulatory Authority of Ontario has opened a second consultation on a proposed Unclaimed Deposits Rule and accompanying guidance that would require credit unions to transfer unclaimed deposits to FSRA once an account has been inactive for 10 years. Under the proposal, a credit union member, beneficiary, or estate seeking to access an unclaimed deposit would file a claim with FSRA and provide evidence of entitlement. The proposed rule sets out requirements for both credit unions and claimants. The second consultation is open for 30 days and closes on February 10, 2025.
Financial Services Regulatory Authority of Ontario 2025-01-08
Financial Services Regulatory Authority of Ontario launches second consultation on requiring credit unions to transfer unclaimed deposits after 10 years
The Financial Services Regulatory Authority of Ontario has initiated a second consultation on a proposed Unclaimed Deposits Rule, mandating credit unions to transfer unclaimed deposits to FSRA after 10 years of inactivity. The proposal outlines requirements for credit unions and claimants, who must file a claim with FSRA and provide evidence of entitlement.