The Budget Implementation Act, 2018, No. 2, Bill C-86
(Bill), was introduced in the House of Commons on October 29. If
passed, the Bill will consolidate existing consumer provisions and
regulations and strengthen consumer protection provisions that
apply to banks and authorized foreign banks under the Bank
Act (BA).
The consumer framework is intended to address many of the issues
raised as part of the Financial Consumer Agency of Canada's
(FCAC) "Domestic Bank Retail Sales Practices Review" and
"Report on Best Practices in Financial Consumer
Protection." While a full understanding of the proposed regime
must await the government's release of draft regulations, this
article sets forth, at a very high level, the new framework's
most impactful proposals.
