Mr. Speaker, this week, the Minister of Finance said that government would not mandate the use of the banking ombudsman for dispute resolution. This goes against the clear best practices laid out by the World Bank and even G20 consumer protection finance principles that he signed. Instead, banks will be allowed to police themselves, leaving the ombudsman no choice but to close its doors. With this decision, the minister is creating a race to the bottom.
Why are the big banks being put ahead of consumers and small businesses? Will the minister reconsider his decision?