Category: Financial Services

Banks Solidly Chided by Feckless Regulator

Tuesday, March 20th, 2018
However, having found that “the banks” nurture a culture of overselling, that that overselling creates a “risk” of breaching obligations to consumers, and that the banks effectively do not monitor or control this risk, the FCAC then confidently proclaims that it: “did not find widespread mis-selling during its review”.  Really? So, although there was a great risk of poor behaviour due to corporate sales culture, misaligned incentives, and virtually no oversight or internal controls, “the banks” were somehow resisting temptation to oversell to customers? While this may be theoretically possible, PIAC believes this conclusion is unlikely.

Will Consumers be Side-“Swiped” by Merchant Surcharging?

Tuesday, July 4th, 2017
Visa Canada and MasterCard Canada recently announced agreements that will eventually allow merchants to impose checkout fees or surcharges on credit card transactions. This post explores a few of the possible implications for Canadian consumers.

Minister Sousa Needs to Legislate a Best Interest Standard to Put Investors Interest First. Now.

Monday, May 15th, 2017
A number of securities regulators in Canada are backing away from discussions to introduce a regulatory best interest standard. PIAC believes it is time to demand leadership on this issue from another source-the Ontario Minister of Finance, Charles Sousa.

The Need Remains for a Financial Consumer Code

Tuesday, March 14th, 2017
Canadians continue to need a comprehensive financial consumer code and an ombudsman to address consumer complaints arising under such a code.

What Can Air Miles do with all those Expiring Miles?

Tuesday, July 19th, 2016
Air Miles accumulated before 2012 are set to expire at the end of 2016 as Air Miles implements a 5-year expiration policy. As a consequence, consumers struggle to redeem their reward miles before the deadline. PIAC suggests a few silver linings for this cloud of consumer discontent.

Time to Check-Out of Loyalty Program Rewards?

Wednesday, September 9th, 2015
PIAC outlines recent changes to the value of a popular loyalty program currency and asks, is it now time for Canadian policymakers to consider drafting rules to protect consumers from the devaluation of loyalty currency.
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