PIAC’s Research Finds Low Consumer Awareness about Payday Loan Rights and Help Resources; Need for a Fair, Impartial, and Transparent Redress System
New PIAC Report: Enhancing Protection for Payday Loan Users in Canada OTTAWA – A new research report published by the Public Interest Advocacy Centre (PIAC) shows that many payday loan users remain unaware of their rights, and find it difficult to calculate payday loans’ high interest rates and costs. Repeat borrowing and continuous debt-cycles continue […]
FCAC confirms banks “mis-selling” products to consumers
Report shows Canada needs a Financial Consumer Code TORONTO, March 20, 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. However, the report, written after a lengthy […]
FAIR Canada and PIAC Welcome Steps to Ensure Compliance with OBSI Requirements
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 pleased to see that the CSA, IIROC and MFDA will: Make registered firms comply with their regulatory obligation to notify clients of their right […]
Minister Sousa Needs to Legislate a Best Interest Standard to Put Investors Interest First. Now.
PIAC asks, Can We Afford More Naval-Gazing? Enough is enough. In 2017, Canadians should be confident the person being paid to provide them financial advice is legally obligated to act in their best interest. It should not matter what their title is or who employs them. Bottom line, if you are legally entitled and being […]
Proposed Ontario Payday Loan Rate Astronomically High
FOR IMMEDIATE RELEASE Attention: News and Business Editors February 6, 2009 Proposed Ontario Payday Loan Rate Astronomically High, Will Hurt Most Vulnerable Consumers in Economic Downturn (OTTAWA)— The Public Interest Advocacy Centre (PIAC) today condemned the Ontario Maximum Total Cost of Borrowing Advisory Board’s proposed payday lending rate as “astronomically high”. The report, released today, […]
PIAC Releases Report on Identity Theft
Contact: John Lawford, PIAC (613) 562-4002×25 jlawford@piac.ca The Public Interest Advocacy Centre today released its report “Identity Theft: The Need for Better Consumer Protection”. PIAC’s report is Canada’s first clear look at a growing menace to consumers: the theft of their personal identity. Identity theft is Canada’s fastest growing crime and a personal nightmare for […]
PIAC Applauds New Financial Sector Legislation
Consumer Group Applauds New Financial Sector Legislation, But Warns that Further Measures are Needed to Protect Consumers Last year, consumers organizations called on the government to implement a Consumer Charter for Financial Service Reform. “The new legislation is a good step foward in implementing the Consumer Charter,” said Angie Barrados, Researcher, Public Interest Advocacy Centre. […]
Consumers Benefit Through New Federal Banking Policies and Regulation
Hotwire Article For years, PIAC and other public interest groups in Canada have advocated greater consumer rights and protection in the financial services sector in Canada. These efforts have met with considerable success with the announcement by the Minister of Finance on June 25 of a new policy and regulatory framework for Canada’s banking system. […]
Future of the Canadian Financial Services Sector
Public Interest Advocacy Centre Comment on The Taskforce on the Future of the Canadian Financial Services Sector Report A. General Overall, PIAC strongly supports the consumer-oriented recommendations of the Taskforce. While we may recommend some modest changes Taskforce’s recommendations, we view the Taskforce recommendations as setting out a positive blueprint for consumers in the financial […]