Harper Government to Further Strengthen Protection for Canadian Consumers of Financial Products and Services
The Honourable Ted Menzies, Minister of State (Finance), and the Member of Parliament for Lévis–Bellechasse, Steven Blaney, today announced the Harper Government is taking decisive action to protect the interests of Canadian consumers of financial products and services.
The Access to Funds Regulations would reduce the maximum cheque hold period for consumers and small- and medium-sized enterprises. The maximum hold period is currently seven business days for all cheque amounts. This would be reduced to four business days for cheques of $1,500 or less. The regulations would also provide consumers with immediate access to the first $100 deposited by cheque.
The Negative Option Billing Regulations would require federally regulated financial institutions to obtain consumers’ express consent before providing a new optional product or service. Consumers would receive in advance a summary of key information, including related fees and costs, before granting their express consent. The regulations would also prescribe additional disclosure when a consumer agrees to an optional product or service, and require financial institutions to refund charges on a prorated basis following cancellation.
The regulations will be published in the Canada Gazette on March 12 for a 30-day comment period. Contact information for forwarding comments is provided with the proposed regulations.
For more information, http://www.fin.gc.ca/n11/11-022-eng.asp