British Columbia Financial Services Authority issues FAQs on Financial Institutions Act Section 130 online publication of financial statements

The British Columbia Financial Services Authority (BCFSA) has published FAQs clarifying how the updated section 130 of British Columbia’s Financial Institutions Act operates following changes that took effect on 1 January 2026. The guidance confirms that the substantive disclosure obligation is unchanged, but financial institutions must now provide public access to annual financial statements and the auditor’s report through online posting rather than making copies available in person at a branch or office. Section 130 applies to credit unions, trust companies and insurance companies, including certain extraprovincial insurance and trust corporations through the Act’s application provisions. The FAQs state that the financial statements and auditor’s report must be posted at the same time they are filed with the Superintendent of Financial Institutions, and filings are due within 90 days after the financial year end under the Act’s filing timelines. The legislation does not permit redactions or edits to the filed financial statements when published online, there are currently no additional “prescribed” documents required to be posted, and the online posting obligation applies to the institution’s own financial statements and auditor’s report rather than parent corporation financial statements that may also be filed. BCFSA indicated it will update the FAQ page as further questions arise, and noted that suggestions to amend the Act can be submitted to the relevant Ministry of Finance policy branch.