Thank you, Mr. Chair.
Ms. Tedesco, earlier you mentioned to my colleague MP Kelly that there was a clear case where the banks had crossed the line. I go back to my earlier comments that it's very interesting that we have to ask you the questions for you to point out when a line is crossed, when in your report it doesn't seem to illustrate that as strongly.
We're obviously in the 21st century, not the 20th century, so I would imagine that consumer protection is not a new concept whatsoever. You recommend as one of your enhancements to the banks' management of sales practices risk to “prioritize financial consumer protection, fairness and product suitability”. To me, that's a simple given.
There is the issue of agency. Who does someone work for? The chair raised this earlier. What's happened in other fields, for example, whether it be a lawyer or doctor, mortgage professional in some provinces, or a CPA?
You mentioned in this report that one of the challenges of tracking problem persons who may have caused harm is that if there's an investigation by the bank, they leave and the investigation is closed. In these other industries, it doesn't matter if a lawyer or a doctor or a CPA leaves a company, if they violate their professional standards, there is a way for consumers to hold them to account.
Mr. Kelly also raised that certain provinces have certain requirements for education and ongoing professional development that are largely exempted in the banks through the Bank Act.
We seem to know what some of the challenges are. They're just not being voiced. Do you think we, as a committee, need to investigate these practices further? What's your recommendation?