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ARTICLE · 22 APRIL 2022

How To Safeguard Customer Privacy Under The Financial Consumer Protection Framework

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On June 30, 2022, more than three years after Bill C-86 was tabled in Parliament, the Financial Consumer Protection Framework will come into force. This federal framework consolidates and strengthens...

CanadaConsumer Protection
Brigitte Goulard
Brigitte Goulard
Molly Reynolds
Molly Reynolds
Julie Himo
Julie Himo
William R. Walters
William R. Walters
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On June 30, 2022, more than three years after Bill C-86 was tabled in Parliament, the Financial Consumer Protection Framework will come into force. This federal framework consolidates and strengthens the Bank Act consumer protection provisions applicable to banks (including authorized foreign banks) and amends the Financial Consumer Agency of Canada Act  to reinforce the role and increase the powers of the Financial Consumer Agency of Canada (FCAC).

The framework will significantly expand the amount of personal information that banks hold, and as a result their obligations vis-à-vis that information. In fact, these changes only bolster Chris Skinner's position that "banks should move from being safekeepers of money to safekeepers of data"1.

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