IBABC & Industry News

Bank Act consultation begins

Finance Canada has launched a consultation process to review the legislative and regulatory framework of the federal financial sector. This consultation marks the beginning of the federal government’s mandated review of the Bank Act and other related statutes. On forming government last year, the Liberals deferred the timetable for this review from 2017 to 2019.

As the first of a two-stage consultation process, this first discussion paper entitled “Supporting a Strong and Growing Economy: Positioning Canada’s Financial Sector for the Future” provides an overview of Canada’s financial sector and identifies key trends that may influence future directions in this sector.

The stated objective of the consultation paper is to solicit feedback on whether the current legislative and regulatory framework meets the federal government’s three core policy objectives:

  1. Stability: The sector is safe, sound and resilient in the face of stress
  2. Efficiency: The sector provides competitively priced products and services, and passes efficiency gains to customers, accommodates innovation, and effectively contributes to economic growth
  3. Utility: The sector meets the financial needs of an array of consumers, including businesses, individuals and families, and the interests of consumers are protected.

The deadline for submitting comments is Nov. 15.