Thank you so much, Mr. Chair.
Good morning, everybody.
My name is Erin O'Brien. I'm the director general of the financial services division at the Department of Finance. I'm happy to talk to you about this small technical amendment.
The Government of Canada introduced amendments to the Bank Act back in 2018 to further advance consumers' rights and interests when dealing with their banks. The new financial consumer protection framework, which is not yet in force, is intended to protect retail consumers, including individuals in small and medium-sized businesses. Retail consumers typically lack the resources and sophistication to negotiate with banks on an equal footing. This technical amendment to the Bank Act would clarify that the statutory right to cancel a contract with the bank applies only to retail consumers, who are individuals in small and medium-sized businesses. It specifically excludes large businesses.
I'm happy to take your questions.