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Financial Services
Consumers Group Calls for Increased Accountability from Financial Planners
Tuesday, Mar 26, 2013OTTAWA – Canadian consumers need increased protection when dealing with the financial planning industry, according to a report released today by the Public Interest Advocacy Centre (PIAC) entitled, “Purse Strings Attached: Towards a Financial Planning Regulatory Framework.” The report, which follows a 2009 investigation of the same industry, reveals that progress has been made in ...
Competing Banking Ombudsmen Bad for Financial Consumers
Wednesday, Aug 15, 2012FOR IMMEDIATE RELEASE OTTAWA – The Public Interest Advocacy Centre (PIAC) today warned that the Finance Minister’s decision to allow competing consumer banking ombudsman services will harm Canadian banking customers. PIAC publicly posted its comments on the Department of Finance’s proposed Approved External Complaints Bodies (Banks and Authorized Foreign Banks) Regulations ...
Final Betrayal: Finance Minister’s Multiple Banking ADR Decision Harms Consumers
Friday, Jul 06, 2012OTTAWA – July 6, 2012 – The Public Interest Advocacy Centre (PIAC) today condemned the Minister of Finance’s publication of draft regulations for “external complaints bodies” under the Bank Act. The new rules are weak and allow multiple consumer banking arbitration services, thereby destroying the Ombudsman for Banking and Investments (OBSI) which had resolved consumer complaints ...
Financial Consumers Betrayed by Finance Minister’s OBSI Decision
Tuesday, May 01, 2012OTTAWA May 1, 2012 – The Public Interest Advocacy Centre (PIAC) today condemned the Minister of Finance’s assertion made yesterday that the federal government will not require Canada’s banks to resolve banking customers’ disputes with the Ombudsman for Banking Services and Investments (OBSI). Instead the Minister has stated the government will publish rules allowing ...
PIAC Letter to Minister of Finance re: Toronto Dominion’s Withdrawal from the Ombudsman for Banking Services and Investments
Friday, Oct 28, 2011Dear Minister Flaherty: The Public Interest Advocacy Centre (PIAC) is a non-profit organization that provides legal and research services on behalf of consumer interests, and, in particular, vulnerable consumer interests, concerning the provision of important public services. PIAC is deeply disappointed and alarmed by TD Bank Group’s (TD) decision this week to withdraw its unresolved ...