The federal government announced in its 2013 budget on Thursday its intention to better protect and inform Canadians through the possible adoption of a financial consumer code.
The government intends to review its current legislation and initiatives to determined whether a comprehensive guide or set of broad principles are needed to protect Canadians using financial products and to help them make more informed financial decisions.
Budget documents state that the government intends to hold extensive consultations with consumer groups, for example, on the code’s possible framework.
The proposed code will tackle issues facing vulnerable Canadians, including seniors and people with disabilities, the documents say, as well as helping individuals navigate digital and remote banking.