Mr. Speaker, I welcome the opportunity to add my voice to those of hon. colleagues in the government in support of Bill C-82. I hope my other colleagues will be equally supportive.
I attach particular importance to the consumer protection measures in Bill C-82. We live in a period of rapid evolution in the financial sector. Technological advances, globalization of financial services markets and a changing competitive landscape are some of the broad trends at play. All of these trends have major implications for consumers, most of which are positive in nature.
Canadian consumers enjoy more choice and convenience in the financial services market than ever before. Long gone are the days when we had to go to the bank between 10 a.m. and 3 p.m. on a week day to take out money and write cheques to make payments. Now we can get cash at any hour of the day or night through automated banking machines. Payments can be made using convenient new mechanisms like direct debit and pre-authorized debits. In addition, we can do the basic banking we want, apply for loans or seek insurance coverage from our home computers or by telephone.
Technological innovations have been accompanied by an ever-increasing array of financial products from a range of service providers. For example, insurance products can be tailor made to fit an individual's circumstances. Consumers who carry credit card balances can reduce their interest costs by using one of the new low rate credit cards on the market, and consumers can satisfy many of their financial needs through one stop shopping. For example, they can take out mortgages, invest in guaranteed investment certificates and buy mutual funds from the same trust company.
These innovations bestow countless benefits on consumers. At the same time, they have led to changes in the relationship between financial institutions and their clients. Consumers want this relationship to be balanced and fair, and have therefore expressed
the desire for better protection in their dealings with financial institutions.
The government agrees that consumer protection must be enhanced in the context of a rapidly evolving financial sector. Bill C-82 proposes several measures to accomplish this.
One key measure deals with privacy. Privacy protection is of utmost importance to the government. This is an age where technological advances permit increasingly easier access to and analysis of personal information. In this environment, consumers want to maintain control over their own information. They want to know why their information is being collected, how it will be used and how it will be stored.
In the financial sector the collection and handling of personal information is a significant issue. Financial institutions rely on extensive amounts of often sensitive information to offer their services. As a result it is important that they take privacy protection seriously.