Madam Speaker, currently, all banks are required to have consumer complaints procedures in place and have a third party dispute-handling body.
However, there is variation in procedures used, and this is of concern to us and to consumers. To better protect consumers, we are forcing banks to belong to government approved independent third party bodies. We are establishing uniform regulatory standards for internal complaints procedures. We are giving the Financial Consumer Agency of Canada the authority to monitor and enforce compliance. We passed legislation for this and are now finalizing regulations.
Unfortunately, the NDP voted against all of that.