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Ottawa, June 19, 1996
1996-044
Government Releases Consultation Paper on Federal Financial Institutions Legislation
Related document:
Secretary of State Doug Peters today tabled a consultation paper in the House of Commons that proposes changes to federal financial institutions legislation and the establishment of a Task Force to look into the future of the Canadian financial sector in a rapidly changing world.
The proposed changes are designed to better protect consumers and to streamline and update the regulatory environment in which Canadian financial institutions operate.
The proposals set out in the paper, 1997 Review of Financial Sector Legislation: Proposals for Changes, follow extensive review and consultations by the Department of Finance, the Standing Senate Committee on Banking, Trade and Commerce, and others.
"Canadians have one of the best financial systems in the world," Mr. Peters said. "While the legislative framework governing financial institutions is generally functioning well and should remain largely intact, a number of important improvements need to be made at this juncture."
The government proposes a number of measures to better protect consumers in their dealings with financial institutions. In particular, the government will act to protect personal information, a matter of growing concern to Canadians.
Mr. Peters said that the financial services industry will also benefit from proposals to streamline and clarify regulatory requirements, and to minimize delays when regulatory approvals are required.
He also announced that the government will launch a probe to determine the appropriate framework for the financial sector in the 21st century -- one that promotes economic growth and job creation. A Task Force on the Future of the Canadian Financial Services Sector will provide advice to the government on public policy issues related to the development of the framework.
"A strong and vibrant financial sector is key to economic growth and job creation," Mr. Peters said. "The work of the Task Force will be extremely valuable in shaping the framework for Canadian financial sector policy as we head into the next century." He added that he will be providing details about the mandate and composition of the Task Force in the fall.
The Department of Finance will also establish an advisory committee to study payments system issues. The advisory committee is expected to contribute significantly to the work of the Task Force.
The proposals in the paper will be the subject of further consultations with stakeholders and will be reflected in legislation to be tabled later this year. Both the House of Commons Standing Committee on Finance and the Standing Senate Committee on Banking, Trade and Commerce will be holding hearings on the paper.
Written submissions are invited and should be sent to the Financial Sector Division, Department of Finance, Ottawa, Ontario, K1A 0G5 by August 30, 1996.
Copies of the paper may be obtained free of charge from the Distribution Centre, Department of Finance, Ottawa, K1A 0G5, by phone at (613) 995-2855,or by fax at (613) 996-0518. The paper is also available on Internet at http://www.fin.gc.ca.
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For further information:
Martine Doyon |
Don Moors |
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