Thank you, Mr. Chair.
My name is Eleanor Ryan. I'm here with my colleagues from the Department of Finance and with Brigitte Goulard, Deputy Commissioner of the Financial Consumer Agency of Canada. We're honoured to have the opportunity to present this legislation to you.
Division 10 of Part 4 of Bill C-86, entitled “Financial Consumer Protection Framework”, follows upon the government's commitment made in Budget 2018 to continue to advance consumers' rights and interests when they deal with their bank, and to strengthen the tools at the disposal of the Financial Consumer Agency of Canada.
Division 10 represents a consolidation of the existing legislation and regulatory provisions applying to the relationship between banks and their customers, and new measures intended to address the issues identified in two reports published by the Financial Consumer Agency of Canada in the spring of 2018.
The first report was a comprehensive review of bank sale practices. This report identified a number of risks relating to how bank products are sold to customers. The second report examined best practices for supervision of financial consumer protection.