News Release - November 19, 2010
SFSC ISSUES CEASE AND DESIST ORDER AGAINST SUNOVA CREDIT UNION
The Registrar of Credit Unions of the Saskatchewan Financial Services Commission issued a cease and desist order on November 18, 2010, to Sunova Credit Union (Sunova), located in Selkirk, Manitoba, for carrying on business in Saskatchewan as Hubert Financial and/or Happysavings.ca (Hubert). Neither Sunova nor Hubert are registered under either The Credit Union Act, 1985 or The Credit Union Act, 1998. Hubert is also not a bank under the Bank Act (Canada). Sunova and Hubert have been actively seeking deposits in Saskatchewan.
The order directs Sunova and Hubert, their employees and agents to immediately cease and desist carrying on business in Saskatchewan, accepting deposits from Saskatchewan residents and advertising in the province.
Sunova has been directed to issue letters to all Saskatchewan customers advising them of this order.
Anyone contacted by Sunova Credit Union, Hubert Financial or Happysavings.ca should contact the Financial Institutions Division of the Saskatchewan Financial Services Commission at 306-787-6700.
For more information, contact: