Auditor says B.C.’s salary cap preventing full audits of credit unions
VICTORIA — British Columbia’s auditor general says a staffing shortage at the Financial Institution Commission is hampering the review process for provincial credit unions.
Carol Bellringer’s progress audit on credit union supervision says there’s a 37 per cent vacancy rate for staff at the commission, and without more staff it’s unable to meet the goal of reviewing all credit unions every two to three years.
Bellringer’s report says the commission gets enough money from credit unions and other organizations that it monitors to offer competitive salaries, but it isn’t able to hire the staff under the government pay scale it must use.
Because the skills needed are in high demand, the report recommends the provincial government allow the commission to offer market-appropriate salaries.