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Canadians have important opportunity to weigh in on a financial consumer code

OTTAWA – Today the federal Government announced broad public consultations as a first step towards a Consumer Code for financial consumers. The Public Interest Advocacy Centre (PIAC) is very pleased to see this government follow through on its Budget 2013 commitment to create a Financial Consumer Code, and we urge all Canadians to comment during the consultation. PIAC is also encouraged to see the Government taking steps to deal with unreasonable prepaid card fees and practices that eat away at Canadians’ hard-earned money.

Canadians have until February 28, 2014 to submit their input into the consumer code. The feedback from the consultation will then be used as the basis for roundtable discussions across Canada in 2014.

The Government is seeking input on a wide range of issues that will affect Canadians’ everyday finances – from reasonable access to basic banking services, to a basic standard of responsibility for financial institutions, to enforcement of basic rights and dispute resolution.

PIAC invites Canadians to contact us for more information about and assistance with the Code consultations through our website at www.piac.ca

“Canadians have a direct interest in this very important consultation”, emphasized John Lawford, PIAC’s Executive Director and General Counsel. “This is an opportunity to contribute to a baseline set of rules and responsibilities that govern financial institutions in their dealings with consumers. The outcome will affect banking and payments rights – your wallet.”

“Without direct input from many Canadians, there is a risk that consumers’ voices will be drowned out by a well-organized lobby that cares about a different bottom line than yours”, added Geoff White, Counsel to PIAC.

For more information on the Consultation, please visit: Canada’s Financial Consumer Protection Framework: Consultation Paper(Canada’s Financial Consumer Protection Framework: Consultation Paper)

John Lawford
General Counsel and Executive Director
Public Interest Advocacy Centre
(613) 562-4002×25
(613) 447-8125 (cell)
jlawford@piac.ca

Geoff White
Counsel
Public Interest Advocacy Centre
(613) 562-4002×24
gwhite@piac.ca

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