Mr. Speaker, in his speech at second reading to the House, the finance minister stated:
The government believes that the best approach to improving services for consumers is through competition and disclosure....
He went on to say:
Disclosure...ensures that consumers and businesses alike have the relevant information they need to make the best decisions in light of the choices available to them.
I raise those quotes because in the bill that was presented to the House at second reading there was an additional clause to the Bank Act proposed which basically states that no account or service shall be offered to a customer unless, and it lays out information on all charges as disclosed, information on how the customer will be notified of an increase in charges, information about the bank's procedures relating to complaints and any other information that may be prescribed.
Interestingly enough, an amendment moved at committee changed this. It added a proviso which says, in the new subparagraph 448.3(2), that the governor in council may make regulations specifying the circumstances under which a bank need not provide that information to consumers.
Could the parliamentary secretary explain to the House why it is that certain accounts or services provided to Canadians would not require the proper disclosure of the charges and other conditions of providing that service or account?