Reforming Canada's Financial Services Sector - What Needs to Follow from Bill C8

David W. Peters and Douglas D. Peters

Canadian Public Policy, 2001, vol. 27, issue 4, 503-513

Abstract: New federal legislation regulating financial institutions was introduced into Parliament as Bill C38 and a similar bill, Bill C8, was reintroduced and passed into law in the spring of 2001. This paper is a critical analysis of the new legislation. The legislation does not address many of the important recommendations of the MacKay task force. It ignores consumer interests and retains the anti-competitive rules for insurance and automobile leasing. It adds complications with a new Financial Consumer Agency and proposes to remove the 10 percent ownership restrictions, which were valuable in past years. This legislation fails to meet the objectives of the government's White Paper.

Date: 2001
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