Consumer protection tops mind for Feds

Public feedback will shape a new financial consumer code to help Canadians make informed and responsible decisions for their families, finance minister says.

Consumer protection tops mind for Feds

The federal government is upping the ante when it comes to protecting Canadian consumers.

Announced Tuesday by the finance department, consultations over the next 12 weeks will be used to create a new and comprehensive financial consumer code, with the needs of vulnerable Canadians, including seniors, top of mind.

“With the launch of the Consumer Code consultations …, Canadians will be better protected, informed and positioned to make responsible financial decisions for their families,” said the Minister of Finance Kevin Sorenson in a release.

The goal is to streamline the current mix of legislation and implement more effective regulation that limits potentially harmful business practices such as prohibiting pre-loaded funds from expiring on customer-purchased products and maintenance fees for at least one year after activation. Suggestions are also being sought on how the Financial Consumer Agency of Canada can more effectively carry out its supervisory role. (continued on Page 2.)

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“A Consumer Code will help Canadians make more informed financial decisions today and in Canada’s rapidly changing, increasingly digital financial marketplace in the future,” added Minister of Small Business and Tourism, and Agriculture Maxime Bernier.

Canadians can submit feedback to the Department of Finance up until Feb. 28, 2014. This feedback will be considered during roundtable discussions across the country next year, with final results published in the Canada Gazette.

Send comments to [email protected].

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