After extensive consultation and consideration, Canada’s finance minister tabled, first in late 2000 and again when Parliament reconvened in 2001, a bill establishing the Financial Consumer Agency of Canada (FCAC) and amending legislation related to financial institutions, which was finally passed by Parliament and received assent in June 2001. A number of the provisions of this legislation had a direct impact on the rights and obligations of consumers who deal with financial institutions established under federal legislation, particularly banks. Overall, these new measures expand the rights of consumers, and were quite favourably received. The real impact of a good number of the innovations, however, depends on the content of the delegated legislation which sets the terms and conditions for the implementation of these legislative changes. Consequently, it is important to ensure consumer participation in the process for developing these standard-setting instruments. Option consommateurs will present here a brief evaluation of its participation in the process.
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OCA Funded ResearchThis research received funding support through the Office of Consumer Affairs' Contributions Program.
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Source: Consumer Policy Research Database