We never imposed the maximum penalty because we want to keep some leeway. If we impose the maximum penalty for a given violation, what will happen if the next breach is worse than the previous one? We are very happy to see that penalties are being increased, because that will give us a lot more leeway to impose higher penalties.
The provision of the bill that mandates that in future a financial institution that has caused injury to Canadians will be named is also a good thing. We are pleased that the bill contains transparency provisions.