We read Bill 141 with great interest, and we know that amending the legislation governing the financial products and services sector in Quebec is a daunting task. We also know that it was necessary to modify the legislative framework of this sector in order to modernize it.
The objectives of Bill 141 are set out in section 1. The aim is to improve consumer protection, while enabling financial institutions and market intermediaries to adapt their practices to changes in the sector and their customers' needs.
Nevertheless, it has to be said that, overall, Bill 141 represents a major step backwards for consumer protection, in a sector where consumers are particularly vulnerable.
In this brief, we will outline some of the elements of Bill 141 that will adversely affect consumer protection. Where an aspect of the bill is not addressed, this does not mean that we agree with it. We also support the general thrust of the brief submitted by the Coalition des associations de consommateurs du Québec (CACQ).
Québec (CACQ).
