PART 4Various Measures (continued)
DIVISION 10Financial Consumer Protection Framework (continued)
1991, c. 46Bank Act (continued)
Marginal note:Body corporate deemed to be approved
335 A body corporate that has been approved under section 455.01 of the Bank Act, as it read immediately before the day on which section 329 comes into force, is deemed to have been approved under section 627.48 of that Act as enacted by that section 329.
2001, c. 9Financial Consumer Agency of Canada Act
(2) Paragraph (a) of the definition consumer provision in section 2 of the Act is replaced by the following:
337 The Act is amended by adding the following after section 2:
Purpose of Act
Marginal note:Supervision and protection
2.1 The purpose of this Act is to ensure that financial institutions, external complaints bodies and payment card network operators are supervised by an agency of the Government of Canada so as to contribute to the protection of consumers of financial products and services and the public, including by strengthening the financial literacy of Canadians.
(b) strive to protect the rights and interests of consumers of financial products and services and the public, taking into account the need of financial institutions to efficiently manage their business operations;
(2) Paragraphs 3(2)(b.1) to (d) of the Act are replaced by the following:
(c) promote the adoption by financial institutions of policies and procedures designed to implement provisions, terms and conditions, undertakings or directions referred to in paragraph (a) — as well as voluntary codes of conduct that are adopted by financial institutions, and any public commitments made by them, that are designed to protect the rights and interests of their customers — and monitor the implementation of those voluntary codes and public commitments;
(c.1) promote the adoption by external complaints bodies of policies and procedures designed to implement the provisions, terms and conditions, undertakings or directions referred to in paragraph (a);
(c.2) monitor and evaluate trends and emerging issues that may have an impact on consumers of financial products and services, and make information on those trends and issues public;
(d) strengthen the financial literacy of Canadians and promote consumer awareness about the obligations of financial institutions and of external complaints bodies under the consumer provisions applicable to them and about all matters connected with the protection of consumers of financial products and services; and
(3) Paragraphs 3(2)(f) and (g) of the Act are repealed.
339 The heading before section 4 of the Act is replaced by the following:
Commissioner of Agency
340 Section 4.1 of the Act is repealed.
341 The heading before section 5 of the Act is replaced by the following:
Powers, Duties and Functions of Commissioner
(2) The Act is amended by adding the following after section 5:
Marginal note:Business plan
5.01 (1) At least 30 days before the end of each fiscal year, the Commissioner shall submit a business plan to the Minister for approval.
Marginal note:Content of business plan
(2) The business plan shall include a statement, for at least the following financial year, of the Agency’s objectives, the strategies that it intends to use to achieve those objectives and its operating and capital budgets.
343 Section 6.1 of the Act is repealed.
(c.1) prescribing the circumstances in which the Commissioner shall not make public, under subsection 31(1), the name of the person who committed the violation; and
(2) Subsection 19(2) of the Act is replaced by the following:
Marginal note:Maximum penalties
(2) The maximum penalty for a violation is $1,000,000 in the case of a violation that is committed by a natural person, and $10,000,000 in the case of a violation that is committed by a financial institution or a payment card network operator.
345 Paragraphs 20(c) and (d) of the Act are replaced by the following:
(c) the duration of the violation;
(d) the ability of the person who committed the violation to pay the penalty;
(e) the history of the person who committed the violation with respect to any prior violation or conviction under an Act listed in Schedule 1 within the five-year period immediately before the violation; and
(f) any other criteria that may be prescribed.
346 The Act is amended by adding the following after section 20:
Marginal note:Purpose of penalty
20.1 The purpose of the penalty is to promote compliance with the consumer provisions, compliance agreements that have been entered into under an Act listed in Schedule 1, any terms and conditions, undertakings or directions referred to in subparagraph 3(2)(a)(ii), the provisions of the Payment Card Networks Act or its regulations, and agreements entered into under section 7.1, and not to punish.
347 Section 31 of the Act is replaced by the following:
31 (1) Subject to any regulations, the Commissioner shall make public the nature of a violation, the name of the person who committed it and the amount of the penalty imposed.
Marginal note:Publication — reasons
(2) In making public the nature of a violation, the Commissioner may include the reasons for his or her decision, including the relevant facts, analysis and considerations that formed part of the decision.
348 Section 33 of the Act is replaced by the following:
Marginal note:No liability
33 No action lies against Her Majesty, the Minister, the Commissioner, any Deputy Commissioner, any officer or employee of the Agency or any person acting under the direction of the Commissioner for anything done or omitted to be done in good faith in the administration or discharge of any powers or duties that under any Act of Parliament are intended or authorized to be executed or performed.
349 Section 33.1 of the Act is replaced by the following:
Marginal note:Not compellable
33.1 The Commissioner, Deputy Commissioner, any officer or employee of the Agency or any person acting under the instructions of the Commissioner is not a compellable witness in any civil proceedings in respect of any matter coming to their knowledge as a result of exercising any of their powers or performing any of their duties or functions under this Act or the Acts listed in Schedule 1.
350 Schedule 1 to the Act is amended by replacing the references after the heading “SCHEDULE 1” with the following:
Coming into Force
Marginal note:Order in council
351 (1) Subject to subsection (2), the provisions of this Division come into force on a day or days to be fixed by order of the Governor in Council, but the day to be fixed for subsection 342(2) must not be before April 11, 2019.
Marginal note:April 10, 2019
(2) Subsection 336(1), sections 339 to 341, subsection 342(1) and sections 343, 348 and 349 come into force on April 10, 2019.
- Date modified: