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Ottawa, October 24, 2001
2001-092

Financial Sector Reforms Implemented

Related Document:

• Financial Consumer Agency of Canada Opens for Business - Financial Consumer Agency of Canada.

Finance Minister Paul Martin and Secretary of State (International Financial Institutions) Jim Peterson today announced the implementation of Bill C-8 – An Act to establish the Financial Consumer Agency of Canada and to amend certain Acts in relation to financial institutions. This coincides with the coming into force of the key technical regulations that are essential to the operation of the Act.

Bill C-8 fulfills the Government’s commitment to reform the policy framework for the financial services sector, which includes domestic and foreign banks, trust companies, insurance companies, the credit union movement and other financial institutions.

The legislation, which was drafted following extensive consultations with the industry, consumer groups, stakeholders and government agencies, received Royal Assent on June 14, 2001.

"The measures contained in Bill C-8 will help to ensure that the Canadian financial services sector continues to be among the safest and most accessible in the world," Secretary of State Peterson said. "The legislation will promote efficiency and growth in the sector, foster international competitiveness and domestic competition, empower and protect consumers of financial services, and improve the regulatory environment."

Minister Martin added that "the legislation is designed to foster competition by facilitating entry into the sector, expanding access to the payments system, and offering more regulatory flexibility to credit unions and foreign banks."

The bill also establishes the Financial Consumer Agency of Canada (FCAC), which begins operations today. Secretary of State Peterson, who attended the official opening of the agency, noted that "the implementation of the FCAC is a vital step in balancing the interests of Canadians with those of the industry. The FCAC will play a dual role: enforcing compliance with consumer provisions and educating consumers about how those provisions best benefit them."

For more information on the FCAC, please visit the Agency’s Web site at www.fcac-acfc.gc.ca.

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