Bill C-86, Budget Implementation Act, 2018, No. 2
(Bill), was introduced in the House of Commons on October 29. If
passed, the Bill will amend the Bank Act (Canada) (BA) to
consolidate and strengthen consumer protection provisions that
apply to banks and authorized foreign banks. The Bill will also
amend the BA, the Insurance Companies Act (Canada) and the
Trust and Loan Companies Act (collectively, the FI
Statutes) to include, among other things, a materiality threshold
for certain Superintendent approvals.
WHAT YOU NEED TO KNOW
- Consumer protection has been
significantly enhanced following the Financial Consumer Agency of
Canada's (FCAC) "Domestic Bank Retail Sales Practices
Review" and "Report on Best Practices in Financial
Consumer Protection."
