Federal Government Introduces Proposed Amendments
to Financial Services Statutes, Including Financial Consumer
Protection Framework
The Budget Implementation Act, 2018, No.
2 (the "Second Budget Bill") was
introduced on October 29, 2018 and includes amendments to various
financial services statutes, pursuant to the recent Budget and in
addition to the first Budget Implementation Act, 2018, No.
1, previously summarized in our
recent legal update. These proposed amendments
represent a major change in federal financial services consumer
protection regulation.
The Second Budget Bill includes a number of amendments to
the Bank Act, the Trust and Loans
Companies Act and the Insurance Companies
Act (collectively, the "Financial Services
Statutes") including most notably the introduction of the
anticipated Financial Consumer Protection Framework (the
"Framework"), as well as related amendments to the
Financial Consumer Agency of Canada Act, replacing an
earlier
