Financial Services

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BACKGROUNDER on the Financial Consumer Agency of Canada Domestic Bank Sales Practices Review

Tuesday, March 20th, 2018
The Financial Consumer Agency of Canada (FCAC) has published a report on its review of domestic banks’ retail sales practices (the “Report”). The Report, which follows 9 months of investigation, finds that the banks do not prioritize financial consumer protection, fairness and product suitability and as a result there is an increased risk of mis-selling to consumers and of bank employees breaching market conduct obligations.

FCAC confirms banks “mis-selling” products to consumers

Tuesday, March 20th, 2018
Two of Canada’s leading consumer groups, FAIR Canada and the Public Interest Advocacy Centre (PIAC), today welcomed a government report that confirmed major Canadian banks incentivize their employees to “mis-sell” unsuitable financial products to Canadians. “This report shows what PIAC has said all along,” said John Lawford, Executive Director and General Counsel of PIAC. “Banking consumers need a Financial Consumer Code to protect the rights of Canadian banking customers.”

FAIR Canada and PIAC Welcome Steps to Ensure Compliance with OBSI Requirements

Friday, December 8th, 2017
FAIR Canada and PIAC welcome the CSA, IIROC and MFDA taking a step in the right direction to improve compliance with the OBSI dispute resolution process for securities complaints. We are also pleased to see that the CSA, IIROC and MFDA may view refusals or low ball offers as an indication of problems with a registered firm’s complaint handling practices including their obligation to deal fairly, honestly and in good faith with clients, act within the applicable standard of care, or have implemented and maintained effective complaint handling procedures.

PIAC Research Finds Increasing Legal Risk in Payment Systems Being Borne by Consumers

Friday, December 1st, 2017
A new research report published by the Public Interest Advocacy Centre (PIAC) today demonstrates increasing legal risk being borne by consumers when using established as well as new innovative electronic payment systems. The report finds inconsistent allocation of legal risk from electronic payments transactions depending on their form, jurisdictional overlaps and gaps between federal and provincial rules and asymmetrical service provider contracts that leave consumers at a distinct disadvantage.

Summer Newsletter: Bankers Behaving Badly

Tuesday, August 1st, 2017
A true financial code may finally see the light of day in Canada after a promise years ago.

Banking on Change

Wednesday, December 21st, 2016
The Financial Code as we knew it ended up a bust, but a possible rebirth and changes to payday loans could improve consumers financial well-being

Summer 2016 Newsletter: Financially Uncertain

Tuesday, July 5th, 2016
PIAC continues to push for stronger regulations for payday loans, and a certain identity for the financial planning/advice industry

Bad Advice

Thursday, November 26th, 2015
Unregulated financial services can create confusion and uncertainty amongst consumers

Lending Consumers a Hand

Thursday, November 26th, 2015
The Ontario Government is taking another look at the payday loan industry and PIAC wants to see more responsible lending to consumers nationwide

PIAC Files Submission on Financial Advisory and Financial Planning Policy Alternatives for Ontario Consumers

Friday, September 25th, 2015
PIAC submits its views to the Ontario Expert Committee to Consider Financial Advisory and Financial Planning Policy Alternatives. The Expert Committee was appointed by the Ontario Minister of Finance to provide advice and recommendations to the Ontario government regarding whether and to what extent financial planning and the giving of financial advice should be regulated in Ontario.
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