On October 25, 2016,
Bill C-29 received first reading. Division 5 of Part 4 of
Bill C-29 amends the Bank Act to consolidate and streamline
provisions that apply to a bank or an authorized foreign bank in
relation to the protection of customers and the public. The
proposed amendments set out the principles upon which the
provisions are based as well as their purpose, and implement
enhancements in the areas of corporate governance, access to basic
banking services, disclosure of information, business practices and
public reporting.
Bill C-29 also makes a consequential amendment to the Financial
Consumer Agency of Canada Act.
Dealings with Customers and Public
Bill C-29 amends the Bank Act by adding a new Part XII.2 titled
"Dealings with Customers and Public" and, as the name
suggests, this new part consolidates the existing consumer
protection provisions as well as introduces new provisions.
