Marginal note:Order in council

1850. Sections 6 and 7 of the Payment Card Networks Act, as enacted by section 1834, come into force on a day to be fixed by order of the Governor in Council.

• 1851. (1) Paragraphs 3(2)(a) and (b) of the Financial Consumer Agency of Canada Act are replaced by the following:

  • (a) supervise financial institutions to determine whether they are in compliance with

    • (i) the consumer provisions applicable to them, and

    • (ii) the terms and conditions or undertakings with respect to the protection of customers of financial institutions that the Minister imposes or requires, as the case may be, under an Act listed in Schedule 1 and the directions that the Minister imposes under this Act;

  • (b) promote the adoption by financial institutions of policies and procedures designed to implement

    • (i) provisions, terms and conditions, undertakings or directions referred to in paragraph (a),

    • (ii) voluntary codes of conduct that are designed to protect the interests of the customers of financial institutions that are adopted by financial institutions and that are publicly available, and

    • (iii) any public commitments made by financial institutions that are designed to protect the interests of their customers;

• (2) Paragraph 3(2)(d) of the Act is replaced by the following:

  • (d) promote consumer awareness about the obligations of financial institutions under consumer provisions applicable to them and all matters connected with the protection of consumers of financial products and services;

• (3) Subsection 3(2) of the Act is amended by adding “and” at the end of paragraph (e) and by adding the following after that paragraph:

  • (f) monitor and evaluate trends and emerging issues that may have an impact on consumers of financial products and services.

• 1852. (1) Subsection 5(2) of the Act is replaced by the following:

  • Marginal note:Personal information

    (2) The Commissioner may collect any personal information that he or she considers necessary in furtherance of the objects described in subsection 3(2).

• (2) Subsection 5(5) of the Act is replaced by the following:

  • Marginal note:Activities

    (5) The Commissioner may carry on any activity that he or she considers necessary in furtherance of the objects described in subsection 3(2).