Federal Financial Consumer Protection Framework - We Are (almost) There!

The long awaited Financial Consumer Protection Framework Regulations (the "Regulations") supporting the Financial Consumer Protection Framework (the "FCPF" or "New Framework") were released in the Canada Gazette on August 8, 2021 and will come into force on June 30, 2022 (for more on FCPF, refer to our previous blog posts here).

Background

The New Framework - A Refresher

In December 2018, the Federal Government passed the Budget Implementation Act, 2018, No. 2,  which included a New Framework to protect consumers of financial products and services offered and sold by banks and strengthened the Financial Consumer Protection Agency of Canada's ("FCAC") mandate and powers.

The genesis of the New Framework can be traced to a number factors: the financial crisis, the Marcotte decision, regulatory changes in foreign jurisdictions, the G20/OECD High Level Principles on Financial Consumer Protection and the reports issued by the Financial Consumer Agency of Canada