Bill S-5 (Historical)

Financial System Review Act

An Act to amend the law governing financial institutions and to provide for related and consequential matters

This bill is from the 41st Parliament, 1st session, which ended in September 2013.

Status

This bill has received Royal Assent and is now law.

Summary

This is from the published bill. The Library of Parliament has also written a full legislative summary of the bill.

This enactment amends a number of Acts governing financial institutions. It also amends legislation related to the regulation of financial institutions. Notable among the amendments are the following:
(a) amendments to the Bank Act, the Cooperative Credit Associations Act, the Insurance Companies Act and the Trust and Loan Companies Act aimed at reinforcing stability and fine-tuning the consumer-protection framework; and
(b) technical amendments to the Bank Act, the Cooperative Credit Associations Act, the Insurance Companies Act, the Trust and Loan Companies Act, the Bank of Canada Act, the Canada Deposit Insurance Corporation Act, the Canadian Payments Act, the Winding-up and Restructuring Act, the Office of the Superintendent of Financial Institutions Act, the Payment Clearing and Settlement Act and the Financial Consumer Agency of Canada Act.

Elsewhere

All sorts of information on this bill is available at LEGISinfo, an excellent resource from the Library of Parliament. You can also read the full text of the bill.

Bill numbers are reused for different bills each new session. Perhaps you were looking for one of these other S-5s:

S-5 (2022) Law Strengthening Environmental Protection for a Healthier Canada Act

S-5 (2021) An Act to amend the Judges Act

S-5 (2016) Law An Act to amend the Tobacco Act and the Non-smokers’ Health Act and to make consequential amendments to other Acts

S-5 (2014) Law Nááts’ihch’oh National Park Reserve Act

S-5 (2010) Law Ensuring Safe Vehicles Imported from Mexico for Canadians Act

S-5 (2009) An Act to amend the Criminal Code and another Act

Votes

March 28, 2012 Passed That the Bill be now read a third time and do pass.

Feb. 14, 2012 Passed That, in relation to Bill S-5, An Act to amend the law governing financial institutions and to provide for related and consequential matters, not more than one further sitting day shall be allotted to the consideration at second reading stage of the Bill; and That, 15 minutes before the expiry of the time provided for Government Orders on the day allotted to the consideration at second reading stage of the said Bill, any proceedings before the House shall be interrupted, if required for the purpose of this Order, and, in turn, every question necessary for the disposal of the said stage of the Bill shall be put forthwith and successively, without further debate or amendment.

Financial System Review ActGovernment Orders

March 28th, 2012 / 5:15 p.m.

Liberal

Scott Simms Liberal Bonavista—Gander—Grand Falls—Windsor, NL

Mr. Speaker, yesterday one of the member's colleagues considered the strength of OBSI in order to protect consumers. I am not sure if that is why OBSI was set up in the first place. It is an intriguing concept, I agree, but would FCAC not be a better avenue? I am looking for an explanation on the role of OBSI in dealing with this particular issue.

Financial System Review ActGovernment Orders

March 28th, 2012 / 5:15 p.m.

NDP

Hoang Mai NDP Brossard—La Prairie, QC

Mr. Speaker, OBSI actually plays a really important role. Unfortunately, now with the banks giving out, there is an issue. We are not sure what the future of OBSI is. However, right now OBSI is doing a good job.

Financial System Review ActGovernment Orders

March 28th, 2012 / 5:15 p.m.

Liberal

Geoff Regan Liberal Halifax West, NS

Mr. Speaker, this week the banking ombudsman was saying, basically, that he does not want the job if it is not going to be mandatory for the banks to listen to what he says. We have seen no indication from the government that it is going to make it a mandatory process, where, if consumers have complaints against banks, they can go to the ombudsman and the ombudsman will make a decision that is enforceable. As it is, it has been a voluntary system. RBC and TD both withdrew from the system in recent months. The ombudsman is saying he is going to quit unless this is enforced.

I would like my hon. colleague's thoughts on this issue.

Financial System Review ActGovernment Orders

March 28th, 2012 / 5:20 p.m.

NDP

Hoang Mai NDP Brossard—La Prairie, QC

Mr. Speaker, we also raised this issue in committee. We believe it should be mandatory.

Financial System Review ActGovernment Orders

March 28th, 2012 / 5:20 p.m.