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ARTICLE · 10 NOVEMBER 2016

Bank Act Amendments – New Consumer Protection Framework

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On October 25, 2016, Bill C-29, Budget Implementation Act, 2016, No. 2 (the Bill) received first reading in the House of Commons.

CanadaFinance and Banking
Suhuyini Abudulai
Suhuyini Abudulai
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On October 25, 2016, Bill C-29, Budget Implementation Act, 2016, No. 2 (the Bill) received first reading in the House of Commons. The Bill proposes amendments to the Bank Act (Canada) (the Amendments) creating a new Part XII.2, Dealings with Customers and Public, which consolidates the existing consumer protection provisions, streamlines provisions that apply to banks or authorized foreign banks in relation to consumer protection, and introduce some new measures. Given the expansion of consumer protection measures over the past several years, consolidating the provisions in the new part is a welcome improvement to the Bank Act.

A Response to Marcotte

The Amendments also respond to the landmark Supreme Court of Canada decision in Bank of Montreal v. Marcotte (and the two companion cases), by incorporating language into the Act to strengthen the argument in favour of the exclusive federal jurisdiction over products and services offered by banks. The amendments now

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