PIAC’s submission pointed to the underlying gaps that should be considered to have a more comprehensive national anti-fraud policy. PIAC also submitted that the measures being presently considered do not go far enough in terms of raising consumer awareness, as well as protecting against fraud. Consumer losses and liability are key issues that should be a central part of any anti-fraud strategy.

Importantly, PIAC noted that we need practical steps planned and executed to make any changes work, just peripheral discussion on these issues does not and cannot do much. Consumers have been suffering from fraud, particularly vulnerable consumers, including seniors with limited to no redress. Consumers in these cases are often left with considerable liabilities and/or losses that could in some cases jeopardize their entire life savings. It is about time for some clear and concrete action.

Last year in December 2025, PIAC appeared before the Standing Senate Committee on Banking, Commerce and the Economy (BANC Committee) to discuss its views and concerns regarding Bill C-15, Division 16 (Bank Act, Consumer-targeted Fraud). The written brief submitted to the BANC Committee was sent with these comments.

See here for PIAC’s comments to the National Anti-Fraud Strategy consultation.

For PIAC’s Comments to the BANC Committee on Bill C-15, Division 16 (Bank Act, Consumer-targeted Fraud), see here.

The post PIAC Commented on the National Anti-Fraud Strategy appeared first on Public Interest Advocacy Centre.

The post We Fight for That podcast, Episode 32 – The Big Fix appeared first on Public Interest Advocacy Centre.

“We have been asking for the Department of Finance to ensure independent, fair and expeditious resolution of consumer banking complaints by creating a single ombudsman service for over ten years,” said John Lawford, PIAC Executive Director and General Counsel. “We almost gave up hope, but in the Finance Minister’s Mandate Letter, it directed the Minister to create ‘a single, independent ombudsperson, with the power to impose binding arbitration, to address consumer complaints involving banks.’ So, we are requesting the Minister go ahead and right this historical consumer problem.”

PIAC recently recorded an episode of its “We Fight for That” podcast discussing consumer banking complaints in Canada in detail.

For more information, please contact:

Public Interest Advocacy Centre (PIAC)

John Lawford
Executive Director and General Counsel
Public Interest Advocacy Centre
(613) 447-8125
jlawford@piac.ca

— 30 —

The post PIAC joins in Open Letter to Finance Minister requesting OBSI be designated only bank ombuds appeared first on Public Interest Advocacy Centre.

In our comments, PIAC supported the FCAC’s inclusion of expectations regarding systemic issues and redress and reimbursement policies not found in CG-12, the existing guidance for Federally Regulated Financial Institutions (FRFIs) including banks. However, PIAC recommended the FCAC use stronger language to describe these new expectations and include more explicit references to the above noted FCPF consumer protections.

The post PIAC asks for stronger language in the FCAC’s proposed Guideline for banks’ internal complaint-handling procedures appeared first on Public Interest Advocacy Centre.

The post PIAC comments in favour of a single External Complaints Body for banking services appeared first on Public Interest Advocacy Centre.

The post PIAC comments on Reducing Credit Card Transaction Fees appeared first on Public Interest Advocacy Centre.

The post PIAC commented on Ontario Alternative Financial Services: High-Cost Credit Consultation appeared first on Public Interest Advocacy Centre.

The post PIAC supports more protection for consumers under the Consumer Reporting Act appeared first on Public Interest Advocacy Centre.

The campaign and coalition formed around chronic issues of abusive lending and poor access to fair and safe credit but was catalyzed by the Government of Canada’s Budget 2021, which promised federal government review of the criminal rate of interest, payday lending and installment lending in Canada.

The campaign has four major recommendations for advancing credit justice for lower-income Canadians:

1. Lower the maximum interest rate to an Effective Annual Rate (EAR) of 36%. Ensure that the maximum rate includes all lending costs.
2. Clarify and better enable enforcement. Remove the requirement of an actuarial certificate and approval of the attorney general to prosecute.
3. Repeal section 347.1 which provides an exemption for payday lending.
4. Ensure access to safe and affordable credit for all Canadians.

The campaign not only seeks to eliminate extreme credit costs to those Canada who can least afford to pay high interest rates, but also to create a new credit facility for lower-income Canadians and to provide a government-backed bridge to consumers who may have become dependent on harmful forms of credit such as payday loans and installment loans.

A full description of our recommendations is found in the attached document: “Revising the Criminal Rate of Interest in Canada” (December 2021).

For more information, or to add your group to the coalition, please contact:

John Lawford (he/him)
Executive Director/General Counsel
Public Interest Advocacy Centre
285 McLeod Street - Suite 200
Ottawa, ON  K2P 1A1
jlawford@piac.ca
613-562-4002 ext 125 [new!]
Fax 562-0007
Cell: 613-447-8125
Fighting for consumer rights

@CanadaPIAC

Judy Duncan, ACORN Canada, canadaacorn@acorncanada.org 416-996-6401

Courtney Mo, Momentum, courtneym@momentum.org 403-204-6180

— 30 —

The post Campaign: Revising the Criminal Rate of Interest appeared first on Public Interest Advocacy Centre.