The credit union treats all individuals who use our services fairly, and we demonstrate fair sales practices in all our business relationships. We will not discriminate against any of our members, or anyone considering using our services. We abide diligently by provincial human rights codes. We make exceptions only when justified by law, or if a special product or service is designed to serve a particular group.
We never take advantage of anyone by misrepresenting facts, concealing information, or engaging in manipulation, unfair dealings, or unethical activities. We do not take advantage of people, and we take extra care to be clear and comprehensive with those who are unable to protect their own interests or who are only just familiarizing themselves with how we operate.
Conflicts of Interest
Where conflicting interests compete with the L.I.U.N.A. Local 183 Credit Union’s duty of care owed to Members, risks may be created. The credit union takes all reasonable steps to identify, and avoid or manage, conflicts of interest.
As set out in L.I.U.N.A. Local 183 Credit Union’s Human Resources Policy, the credit union will ensure conflicts of interest are addressed and appropriately dealt with.
L.I.U.N.A. Local 183 Credit Union does not use threatening, intimidating or abusive language, or apply excessive or unreasonable pressure to repay against any borrower of the credit union, including the use of any false statement, any unfair practice, or harassment.
The credit union will determine when a debt has been deemed uncollectable at the branch level, at which time the account may be referred to a third party for collection following board approval.
Everyone who uses the credit union has access to accurate information to help them choose the most affordable and appropriate product or service. Our advertising, marketing materials, and communications are straightforward, accurate, and easy to understand. We provide information that helps ensure that individuals considering our products and services can make informed and suitable choices. We exercise reasonable and prudent judgment in all our business dealings.
The credit union is committed to the professional development of our employees, who are trained to provide financial information that individuals can trust. Their knowledge is gained, and improved upon, by appropriate training programs or work experience. Employees will keep abreast of changes in products and services, industry standards and regulations relevant to their role.
Appropriate Products and Services
L.I.U.N.A. Local 183 Credit Union ensures that members are given sufficient information on the products or services. Including lending activities and products it offers to enable that person to select the most suitable, affordable, and appropriate product or service for their needs.
L.I.U.N.A. Local 183 Credit Union exercises reasonable and prudent judgement in the provision of products and services. We are committed to the professional development of our employees by communicating relevant product information and market conduct related topics such as ethics, and integrity, and ensures the proper training is provided through such resources as webinars and courses.
Knowledgeable employees are accessible in-person through the branch or branch telephone numbers for members to contact if they have questions about a product or service. This information is available on L.I.U.N.A. Local 183 Credit Union’s website.
Tied Selling and Undue Pressure
The credit union does not engage in undue pressure or coercion to convince people to select any particular product or service. We do not impose any form of pressure to induce someone to buy a particular product or service they do not want in order to obtain another desired product or service.
Negative-option billing and consent
The credit union does not practice negative-option billing, which means automatically billing people for a product or service they have not asked to purchase. We will always obtain member’s consent for new and optional products and services and will seek out their consent for changes made to agreements that affect their rights and obligations.
Preferential pricing means offering a member a better price or rate on all or part of their business. In instances where L.I.U.N.A. Local 183 Credit Union may offer preferential pricing on a product or service to a member, we are transparent about such preferential price or rate with the member as well ensuring that it is fully documented and approved at the correct level.
L.I.U.N.A. Local 183 Credit Union may apply, to the extent necessary, reasonable requirements on members as a condition of acquiring a product or service in order to manage risk, costs, or to comply with any laws that apply to the credit union.
L.I.U.N.A. Local 183 Credit Union obtains the member’s express consent for new and optional products or services (such as mortgage insurance), and for changes made to agreements (such as increases in credit limits), where the change is not contemplated in the agreement and will affect the individual’s rights and obligations.
Providing Products and Services Digitally
Where products and services are offered digitally, L.I.U.N.A. Local 183 Credit Union ensures the same level of fair treatment, transparency, and disclosure is applied as with traditional means, in a manner appropriate to the medium, including, where necessary, access to a knowledgeable credit union employee.
L.I.U.N.A. Local 183 Credit Union refrains from implementing sales targets requiring financial or non-financial incentives, therefore no monitoring and tracking is required.