Madam Chair, my second round of questions is about asymmetry in client and consumer protection.
We know that, in the case of an unauthorized use of electronic funds transfer, such as a credit card, a debit care, a prepaid payment product such as a prepaid card, or even an online or virtual payment, a bank client's maximum liability under subsection 627.33(1) of the Bank Act and section 5 of the Canadian Code of Practice for Consumer Debit Card Services is $50.
Aside from the requirement to notify, which is also in the bill before us, this requirement is more detailed and rigorous in other acts and regulations, such as the Bank Act. There are also other protective mechanisms, such as the grace period for the minimum payment on a credit card balance, the prohibition of overlimit fees and assurance that prepaid products will not expire, to name just a few here.
Another consideration is the bank's obligation to behave responsibly. These standards are laid out for bank clients in the Bank Act but not in Bill C-30.
Although the level of protection for the end user has not yet been determined, can the minister confirm at this point that a user doing business with a fintech company, not a bank, will not be held liable for the unauthorized use of an electronic funds transfer?