ARTICLE · 23 APRIL 2015

Economic Action Plan 2015 – Financial Services Update

Norton Rose Fulbright Canada LLP

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On April 21, 2015, the Government of Canada tabled the federal budget, Economic Action Plan 2015 (Budget 2015) in the House of Commons. In Budget 2015.

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On April 21, 2015, the Government of Canada tabled the federal budget, Economic Action Plan 2015 (Budget 2015) in the House of Commons. In Budget 2015, the government promised a number of measures that will be relevant to banks, insurance companies and other federally regulated financial institutions. Below is a brief summary of those measures.

Consumer protection framework for banks

Budget 2015 sets out the government's intentions with respect to the much-anticipated financial consumer protection framework. The government proposes to amend the Bank Act to strengthen and modernize Canada's financial consumer protection framework and consolidate the existing financial consumer provisions of the Bank Act. The new financial consumer protection framework will include:

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