News Release - January 20, 2003
SASKATCHEWAN FINANCIAL SERVICES COMMISSION ESTABLISHED
It will soon be easier for people who have concerns about their savings, investments, insurance, or pension to get the help they need. Legislation to establish the Saskatchewan Financial Services Commission will come into force on February 1st, 2003, creating a single financial services regulator so consumers get assistance from one source.
"This is an important development that will benefit Saskatchewan consumers, businesses, and investors," Justice Minister Chris Axworthy said. "This Commission will provide more responsive, co-ordinated, and effective decision-making with respect to financial regulation in our province."
The Saskatchewan Financial Services Commission Act integrates the three major organizations that regulate financial services in Saskatchewan: the Saskatchewan Securities Commission, the Financial Institutions Section of the Consumer Protection Branch, and the Pension Benefits Branch of the Department of Justice.
The Saskatchewan Financial Services Commission will serve as a single point of access to financial market regulators. It will oversee the regulation of credit unions, insurance companies, trust, loan, and financing corporations, and securities dealers and advisers.
The public is encouraged to contact the commission at (306) 787-5645 for more information. On February 1st, the public will be able to access the commission Web site at www.sfsc.gov.sk.ca for additional information.
The creation of the commission follows a trend toward consolidation of the regulation of financial services that is occurring at provincial, national and international levels.
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