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 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 defines “market practices” as any activity related to providing, soliciting, promoting, advertising, marketing, selling, or distributing a credit union’s products and services, either directly or indirectly.
In 2024, National Consulting Limited took over the ownership of the Market Code document from SaskCentral.
For more information, contact Shannon Schofer (bio) at 639.709.0056 or Jennifer Petrichuk (bio) at 639.709.9582.
