Federal Financial Consumer Protection Framework – A More Comprehensive Approach To Disclosure And Transparency

Division 3 of Part XII.2 of the Bank Act amendments pertaining to the new federal financial consumer protection framework ("the Framework") brings together all of the disclosure requirements that are currently housed in regulations.  The Division starts off by outlining new general disclosure requirements, then provides more product-specific disclosure requirements and finally ends with public disclosure and notice requirements.

General Disclosure Requirements

Division 3 requires that all disclosure be in writing, unless otherwise provided, and made in a manner and using language that is clear, simple and not misleading. This ensures a consistent approach to disclosure across the Framework, or at least across Division 3.