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ARTICLE · 08 DECEMBER 2016

Bank Act Financial Consumer Protection Framework Passes Third Reading In House Of Commons

Norton Rose Fulbright Canada LLP
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Bill C-29, Budget Implementation Act, 2016, No. 2, (Bill C-29) passed third reading in the House of Commons on December 6, 2016.

CanadaFinance and Banking
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Bill C-29, Budget Implementation Act, 2016, No. 2, (Bill C-29) passed third reading in the House of Commons on December 6, 2016.

Once passed by the Senate and brought into force, Bill C-29 will amend the Bank Act (Canada) (the Bank Act) to enact the long awaited Financial Consumer Protection Framework that was promised by both Liberal and Conservative governments since 2013, most recently in the 2016 Liberal Government budget, as described in our update earlier this year.

The following are the key changes to the Bank Act (Canada) proposed in Bill C-29:

Financial Consumer Protection Framework

A new Part XII.2 – Dealing with Customers and the Public (the Framework) – would be added to the Bank Act. The Framework consolidates the existing consumer protection provisions found within the Bank Act and includes many provisions that are similar to the existing requirements in one new part.

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