Mr. Speaker, one of the most important aspects of this financial literacy leader is teaching people how to actually ask the questions, whether they are applying for a mortgage or a credit card. It is the information, the transparency, that matters. That is what we found and what the hon. members was talking about, that there was perhaps a lack of transparency around some of the products that we did have.
The simple fact is that we have banned the credit card cheques that were being sent to people. People assumed that there was no charge on those cheques because they had not requested them. We said that we certainly did not want to see Canadians receiving unsolicited credit card cheques, especially when they were unsolicited, because Canadians did not realize there was a cost.
Then there was our banning of negative option billing, which my colleague referred to. We also required greater disclosure on mortgage prepayments, including the amount of money a person could actually save if they asked some questions when applying for their mortgage, such as how they could pay it off sooner and how much they would save. Then there is the matter of the simple cost of someone paying off only the minimum amount on a credit card. When we receive our credit card statement, that information is now in a little information box. It is shocking how long it takes someone to pay off whatever amount is on his or her credit card.
It is about simple information for people that they perhaps did not realize was due to them. We have put that in regulations, so Canadians can get that information and make wise decisions.