Will Quebec consumers who do business with banks benefit from the highest standards of protection? That's the question on Option consommateurs 's mind when it comes to Bill C-86, recently passed by the House of Commons.
Bill C-86 amends the Bank Act to introduce new consumer protection provisions. These provisions threaten to confuse the application of the Consumer Protection Act to banks. What's more, they will not offer sufficient protection to Canadian bank customers.
Like the CACQOption consommateurs deplores the fact that Quebec consumer associations were not heard before Bill C-86 was passed by the House of Commons. We hope that the federal legislator will take the time to examine this bill in depth, to ensure that it offers adequate protection to consumers.
A number of stakeholders have recently expressed concern that Bill C-86 could lead to confusion in the application of Quebec consumer protection standards to banks. While the bill covers matters already governed by Quebec law, it does not specify the extent to which provincial provisions will enhance them.
Option consommateurs fears that Quebec consumers will bear the brunt of the lengthy legal debates that could result from these uncertainties. This is all the more worrying given that this bill offers less protection to bank customers than that afforded by the Consumer Protection Act.
In this context, Option consommateurs is at a loss to understand why the federal legislator did not see fit to specify that the provisions of Bill C-86 are only a pan-Canadian minimum, so as to ensure that consumers benefit from the highest level of protection in all circumstances.
Option consommateurs believes that the reform proposed in Bill C-86 is insufficient. For the most part, it merely rewrites existing provisions, such as those concerning account opening, freezing of funds and use of prepaid cards.
Even more distressing is the fact that the complaints process available to consumers experiencing a problem with a bank has not been modernized. Banks will continue to be able to choose the ombudsman they prefer. Finally, the bill fails to address important issues such as the coverage of umbrella mortgages or protection against debit card fraud.
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