The Canadian government has proposed a new budget that aims to revamp the banking complaints system and enlist the Financial Consumer Agency of Canada (FCAC) for reform efforts. The proposed budget, which was released on April 19, 2021, includes several measures aimed at improving consumer protection in the financial sector.
One of the key proposals is the creation of a new independent dispute resolution service for banking complaints. The new service would be responsible for resolving disputes between consumers and their banks, and would be funded by the banks themselves. This is a significant departure from the current system, which relies on the banks to investigate and resolve complaints themselves.
The proposed budget also includes measures to strengthen the FCAC’s oversight of the financial sector. The agency would be given new powers to enforce consumer protection rules and would be required to conduct regular reviews of banks’ compliance with these rules. In addition, the FCAC would be required to publish an annual report on its activities and findings.
The government has also proposed changes to the Bank Act that would require banks to provide more information to consumers about their products and services. This would include clearer and more concise disclosure documents, as well as more detailed information about fees and charges.
Overall, the proposed budget represents a significant step forward in consumer protection in the financial sector. By creating a new independent dispute resolution service and strengthening the FCAC’s oversight powers, the government is sending a clear message that it takes consumer protection seriously. If these proposals are implemented, Canadians can expect to have greater confidence in the financial system and greater protection against unfair practices.
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