Mr. Speaker, Canadians use financial services products every single day, whether using their credit cards, cashing a cheque, going to the bank or signing a mortgage. Canadians deserve to be treated fairly when using these products and to be provided with clear information before agreeing to use them.
That is why, since 2006, our Conservative government has taken key steps to address consumer concerns and make financial services products more consumer friendly, but why does the NDP keep voting against these measures?
Why do the NDP members oppose protecting consumers with new credit card rules that will require consent for credit limit increases, require a minimum 21-day grace period on new purchases, require full disclosure for consumers and limit other anti-consumer business practices?
Why did the NDP oppose bringing in a code of conduct for the credit and debit card industry to help small businesses dealing with unfair practices? The code would help ensure fairness, encourage real choice and competition, and protect businesses from rising costs, so why did the NDP oppose that, and oppose banning negative option billing for financial products as well? Why do the NDP members oppose shortening the cheque holding period? They oppose making mortgage insurance more transparent, understandable and affordable with enhanced disclosures and other measures.
The NDP members oppose creating an independent task force on financial literacy to help consumers make the right financial choices. Why do they oppose all of these things, and not only these things, but so many more?
In budget 2011 we did even more, as our Conservative government built on that record with even more consumer friendly proposals, such as banning unsolicited credit card cheques, moving to protect consumers of prepaid cards and beginning to implement the task force on financial literacy recommendations, starting with the creation of the financial literacy leaders here in the government. Again, why did the NDP oppose all of these pro-consumer measures?
Unfortunately, the alleged consumer measures that the NDP proposes are actually quite harmful for consumers because they are so poorly thought out. Indeed, we all remember the NDP's bizarre idea in the last election to have the politicians essentially run the credit card companies and dictate their daily operations. It was an idea so poorly thought out that even consumer groups gave the NDP idea a big thumbs-down.
Let me read directly what the Consumers' Association of Canada had to say: “I don't think it's doable. [Significantly lower rates] would mean cuts to fraud protection guarantees and...would only help about one-third of Canada's some 25 million credit card holders, because 65% of us pay our cards off every month. It's being much too overblown as a great gift to Canadian consumers, because most of us don't fall into that category anyway”.
The NDP members continue to harp about protecting consumers, but they have absolutely no clue about how to protect them. Shame on them for making these false allegations and making it seem as though they would protect them, when in fact they jeopardize the safety of consumers in Canada.