Consultation on Proposals to Strengthen Canada’s Financial Sector
Current status: Closed
The Department of Finance launched the third phase of the federally regulated financial institution statutes consultation from August 12, 2024, to September 11, 2024, as part of the comprehensive financial sector legislative review announced in Budget 2022. Sunset dates in the financial institutions statutes provide an opportunity to regularly review Canada’s financial sector framework.
This consultation sought views and written submissions on how the legislative and policy framework should adapt to support competition in the financial sector, enhance consumer protections, address geopolitical risks and keep pace with new developments and best practices.
This engagement process gave all interested members of the public the opportunity to provide input on this topic. Thank you to everyone who participated.
Key questions for consideration
This consultation sought feedback on Canada’s federal financial institutions statutes and related legislation and policies, including:
- Supporting a competitive market structure and expanding consumer choice;
- Enhancing consumer protections;
- Modernizing the financial sector framework;
- Adapting to geopolitical risks; and,
- Upholding world-class regulation.
What’s next?
Comments received during the consultation period will inform the Department of Finance’s ongoing work on the legislative review. We will consider any potential changes to the federally regulated financial institutions statutes in light of the feedback received.
While this formal consultation has now concluded, Canadians are welcome to reach out to the Department of Finance with any questions or comments by emailing legreview-examenleg@fin.gc.ca.