As I mentioned in my presentation, the separation of the pillars of insurance and banking is very much a Canadian advantage. It has served Canadians well. It serves our communities and our constituents well. That's one of the reasons why our financial services sector did so well through the downturn a few years ago.
It's clear to us in the writing of the legislation that the drafters are ensuring that the new fintech provisions will continue to be subject to and safeguarded by section 416 of the Bank Act, which is the section that we're most concerned about. That said, we want to be doubly certain—the devil is in the details, and the proof is in the pudding—that those protections are carried through to the drafting of the regulations; that the important separation of the pillars of banking and insurance is equally reflected, not only in the legislation, but also in the regulations; and that in the regulations, banks must still not be allowed to sell insurance at the point of grants and credit.
We will continue to watch the unfolding of the drafting of the regulations closely to ensure that those protections are carried all the way through.