All Trans Financial Services Credit Union initially succeeded in a statutory appeal setting aside a decision of the Financial Institutions Commission (“FICOMM”) that shut down its pre-paid credit card business on the basis that it was carrying on unlawful deposit business contrary to the Financial Institutions Act. However, on appeal from the B.C. Supreme Court decision, the Court of Appeal reinstated the original decision of FICOMM based upon the principles of deference on review from a decision of a regulator interpreting its home statute.
Tracey Cohen, Q.C. acted for All Trans Financial Services Credit Union.