Of course.
Consumer associations in Canada have been waiting for this measure for a long time. For a long time now, we have been calling for a single body to handle complaints in the banking sector. In our view, it is essential to have an effective complaints mechanism that is impartial for consumers and inexpensive for them when they have a dispute with a bank.
It is important to remember that banks are among the most profitable businesses in Canada. They have a great deal of ability to advance their interests. Obviously, when a consumer is alone in asserting their rights against these companies, it can be very difficult. It can be a lengthy court process. So we think it's important that the process be absolutely impartial and that there be no doubt about the independence and integrity of the body.
The fact that banks can choose from a number of organizations creates all kinds of potential conflicts of interest and biases. Bill C‑47 closes a loophole in the complaints system.
However, we still have a request, and that is that the decisions made by this single body be binding.