Good morning. My name is Angelina Mason, and I am the General Counsel & SVP of Legal and Risk at the Canadian Bankers Association. It is a pleasure to be with you today.

The CBA is the voice of more than 60 domestic and foreign banks that help drive Canada’s growth and prosperity.

Over 194,000 Ontarians are employed in bank branches and regional offices across the province.

I am pleased to be here today to discuss Bill 142, specifically the Consumer Protection Act.

We thank the Government of Ontario for taking a leadership role in introducing this important piece of legislation, and all MPPs for their commitment to protecting consumers.

This legislation will serve well to better enhance consumer protections for those industries that are currently not bound by a separate existing consumer protection framework.

Canada’s banks, however, have and continue to be bound by a rigorous consumer protection regime which covers banks’ products and services.

This regime strikes a careful, highly tailored balance between the needs of Ontario consumers and federally regulated financial institutions.

Many of the consumer protection provisions included in the recently implemented federal financial consumer protection framework (covered under the Bank Act) are either similar to or go beyond what is contained in Bill 142.

Those provisions already covered include:

• sales practices (appropriate selling) and conduct obligations imposed on banks;
• requirements to keep consumers informed with electronic alerts and notices;
• requirements to establish procedures for dealing with consumer complaints;
• whistleblower protections; and
• banks being subject to ongoing oversight by the FCAC and are required to self‑report breaches of consumer provisions in the Bank Act. Penalties for breaching these provisions can result in a fine of up to $CAD 10 million and the mandatory public naming of the bank.

It is due to these existing protections, that the CBA asks the committee to amend Bill 142 at Regulation to exempt financial products and services regulated under the Bank Act.

This would follow a precedence to Section 6 of the Mortgage Brokers, Lenders and Administrators Act, 2006 which contains a similar exemption.

The exemption of financial products and services regulated under the Bank Act will serve to clarify how bank consumer complaints are handled.

The Financial Consumer Agency of Canada (FCAC) handles such complaints, whereas the Government of Ontario and associated regulators do not.

It is imperative that unintended consequences such as consumer confusion be avoided.

From helping families buy a home and save for retirement, to providing resources for small businesses to grow and thrive, Canada’s banks are there for Ontarians every step of the way.

Thank you.