Mr. Speaker, this provision was put into the Bank Act to ensure there is a proper balance so that if disclosure is not needed by consumers, the banks do not need to have extra unnecessary red tape. This judgment is made from time to time by governments and the act simply allows that judgment call to be made.
However, the first focus of the Bank Act and of all governments is to ensure that businesses, consumers and the users of financial services have the disclosure they need. I assure the hon. member that nothing in the Bank Act, as it is tabled in the House, will detract from that. In fact, it enhances the choice, competition and information that is provided to consumers and the country.