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ARTICLE · 27 APRIL 2015

2015 Federal Budget - Financial Services Highlights

Blake, Cassels & Graydon LLP
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Finance Minister Joe Oliver tabled his first budget on April 21, 2015 (Budget).

CanadaFinance and Banking
Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
Vladimir Shatiryan
Vladimir Shatiryan
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Finance Minister Joe Oliver tabled his first budget on April 21, 2015 (Budget). Several proposals in the Budget will be of interest to financial services clients, including proposals for a consumer protection framework for banks, expanding the voluntary mortgage prepayment commitment to non-banks, a national financial literacy strategy, a bank recapitalization framework, regulation of retail payment networks and access to basic remittance services.

CONSUMER PROTECTION FRAMEWORK FOR BANKS

The government proposes a new financial consumer protection framework for banks that will provide:

  • Broadened general requirements for clear and simple disclosure of information, and expanded use of summary information boxes for banking products and services. There were no details on which additional products and services will require summary information boxes. Currently, information boxes are required for consumer loans and prepaid payment products, suggesting that information

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