The Consumer Financial Education Fund

The purpose of the CFEF is to provide financial education to consumers around high-cost financial services. CFEF monies can also be used for activities that will increase compliance with the Business Practices and Consumer Protection Act, and to pay for the administration of the Fund.  

The annual contribution amount for each high-cost credit granting and payday lending location is $200 a year. That amount is stated in the High-Cost Credit Products Regulation and is paid as part of the licensing application/renewal process.

Get the details about the annual contributions

The High-Cost Credit Products Regulation states that both licensed payday lenders and licensed high-cost credit grantors need to contribute to the CFEF.

The CFEF contribution is paid anytime an application is submitted for a high-cost credit grantor and a payday lending licence – this includes new licences and renewal licences.  The contribution must also be paid for applications for branch office licences.

Read the High-Cost Credit Product Regulation 

We administer other Funds on behalf of the Government of BC, including the Travel Assurance Fund and Consumer Advancement Fund. Like these other Funds, the CFEF will be audited annually by an independent third-party accounting firm.

CFEF statements will also be included in the notes to our year-end Financial Statements which are also audited. These Financial Statements will include an accounting of the administration of the CFEF for the preceding fiscal year. 

Learn about the Travel Assurance Fund in the Business Practices and Consumer Protection Act, Part 8, and the Travel Industry Regulation, Part 3
Learn about the Consumer Advancement Fund in the Business Practices and Consumer Protection Act,  section 169