Thank you, Madam Chair. I would.
This amendment would add a new section to the Bank Act, to require banks to reimburse customers who fall victim to consumer-targeted fraud unless they themselves have been grossly negligent in relation to the fraud.
This provision was recommended in a written submission from Option consommateurs. It is modelled on a similar measure already place in other jurisdictions, such as the U.K. and Quebec.
In its written submission, Option consommateurs noted:
We believe that an approach that holds banks more accountable will not only allow thousands of Canadians who are victims of fraud to be able to recover their money, but it will also decrease the occurrence of such fraud. By placing greater responsibility on banks, the legislative framework will incentivize these businesses to deploy the appropriate measures to prevent their losses.
The example of the United Kingdom is a clear illustration of this. According to the Payment Systems Regulator, following the entry into force of the new consumer protection framework, the number of claims for APP-type fraud decreased by approximately 15% between October 2024 and June 2025, compared to the same period between October 2023 and June 2024.
I think we can help victims of fraud and also incentivize better practices in the banking sector by adopting this amendment. I would ask my colleagues to do so.