Jennifer O'Connell

[Petitions, January 31st, 2019]

Mr. Speaker, the other petition, which contains 175 signatures, calls upon the House to support Bill S-214 and ban the sale and/or manufacturing of animal-tested cosmetics and their ingredients in Canada.

[Petitions, January 31st, 2019]

Mr. Speaker, I rise today to table petitions on behalf of my constituents in Pickering—Uxbridge.

First, with nearly 610 signatures in total, I have six petitions that call upon the House to rescind all plans for an airport and all non-agricultural uses on the remaining federal lands in Pickering, which encompass class 1 Ontario farmland. This issue has been going on for over 40 years, and the residents of Pickering and the petitioners would like to see this class 1 farmland used for agricultural purposes.

[Credit Card Fairness Act, January 29th, 2019]

Mr. Speaker, today's legislation, Bill C-419 proposes a number of amendments to the financial institutions statutes in relation to credit cards. These amendments would modify business practices and disclosure requirements for credit cards issued by federally regulated financial institutions, including the way in which interest rates are calculated and applied to balances.

This bill is well-intended and our government shares its aim of improving financial protection for hard-working Canadians who use credit cards. In budget 2018, the government announced its intention to introduce legislation that would strengthen the tools and mandate of the Financial Consumer Agency of Canada, while advancing consumers' rights and interests in dealing with their financial institutions. With BIA 2, the government did exactly that.

These amendments that have been adopted with the most recent budget implementation act will lead to better outcomes for Canadians when dealing with their banks. Might I point out that, again, this was one of the most significant consumer protection packages since the FCAC's creation. Together, they will help ensure that banks have internal business practices that further strengthen outcomes for consumers, including ensuring consumers' financial needs are assessed when selling them products and services. They will ensure that the Financial Consumer Agency of Canada has the necessary tools to implement supervisory best practices, including directing banks to comply with their legal obligations and ordering restitution when charges have been improperly collected, and that consumers are further empowered and better protected, including ensuring that banks provide timely electronic alerts to consumers when they are at risk of incurring fees.

We are confident that these amendments to the framework will improve outcomes for Canadians because we grounded the legislation in evidence.

The Financial Consumer Agency of Canada, or FCAC, is the federal regulator dedicated to protecting bank consumers. As part of its ongoing work, the agency undertook broad reviews of banks' sales practices and of the best practices for consumer protection in Canada and abroad. Our government's action has also been informed by an important study from the Standing Committee of Finance on consumer protection and bank practices. The consumer protection changes we did respond to issues that were identified as part of these reviews.

In contrast to the member opposite's suggested bill, the amendments we brought forward were developed in consultation with a wide range of stakeholders, including consumer groups, financial institutions and officials from the provinces and territories. As colleagues know, consumer protection is an area in which both provincial and territorial governments and the federal government are active. Several provinces, including Quebec, have comprehensive financial consumer protection rules. As such, consulting provinces and territories is crucial before introducing new measures to avoid conflict and duplication.

Considering that BIA 2 contained a wide range of important amendments, I would like to at least highlight a few of the major changes. To start, our government has proposed a series of measures to improve the way financial institutions handle consumer complaints. Under our proposals, these institutions will be required to keep a record of all complaints and will be required to make this information available to the commissioner of the FCAC to help improve monitoring and oversight. In addition, the commissioner will assess the complaints-handling procedures of banks and ensure banks follow the rules.

We know that when Canadians have disputes with their banks, they deserve to have access to a resolution process that is fair and impartial. That is why bank consumers can take any complaint they cannot resolve with their bank to an independent body, free of charge. With these changes we will require these bodies to publish a summary of each final recommendation regarding a complaint, including the reasons for the recommendations. We will also require these bodies to report annually to the commissioner and to the public on their performance. These new reporting requirements will help the agency in its work and ensure that consumers are better protected.

Beyond complaints resolution, in cases where it has been found that banks have violated their obligations to consumers, we have proposed to increase the maximum penalty that can be imposed. Under our proposals, if the commissioner determines that a bank has breached its legal obligations, the maximum penalty that can be imposed will rise from $500,000 per violation to $10 million per violation. Furthermore, when the commissioner publishes a decision regarding a violation, those notices will include the name of the financial institution. We believe that higher penalties and publicly naming banks would create a stronger incentive for banks to comply.

We also introduced a new requirement for institutions to establish and implement policies and procedures to ensure products and services offered or sold are appropriate for customers' circumstances, including their financial needs; we have introduced a new definition of the term “undue pressure” and an enhanced prohibition on institutions; we have an enhanced requirement to provide cancellation periods for most ongoing products and services; we have enhanced the requirement that an institution may not impose a charge or penalty on a person unless the institution obtained the person's express consent for the provision of the product or service; and there is a new requirement that the maximum liability for an unauthorized credit card transaction be $50, unless the borrower was grossly negligent in safeguarding the credit card or specified information about the credit card.

There are also measures in our recent fall economic statement designed to empower and protect consumers as well.

First, we committed to developing a code of conduct for how banks should deliver their services to better meet the needs of seniors. To ensure that seniors can bank with confidence and to respond to the unique needs of Canada's aging population, the Financial Consumer Agency of Canada, with support from the Minister of Seniors, will work with financial institutions and seniors groups to create a code of conduct for banks to guide their delivery of services to Canadian seniors.

Once the code is developed, the agency will take steps to ensure that banks comply with this code of conduct and that seniors, as well as all Canadians, are aware of the rights and obligations under the code.

In addition, the agency will undertake a review of the way banks handle complaints, including an assessment of how effective the existing external complaint bodies are at resolving consumer complaints. The results of this review will help our government consider whether further changes to the consumer protection framework are needed.

Consumers want to know that financial products and services offered by banks meet the highest standards and that the fees they are paying for products and services are fair. For our part, our government is committed to supporting a financial sector that promotes competition and consumer choice and continues to deliver financial stability and economic growth. BIA 2 helps to fulfill this commitment, and we will continue to work with all stakeholders, including consumer groups, to further refine and improve consumer protection in Canada.

We know that Canadians work hard every day to build a better life for themselves and their families. In return for that hard work, they expect and deserve a stable financial system that safeguards their savings and investments. As a government, we take the protection of financial consumers very seriously, and that is why we are continuing our work to increase fairness and transparency and ensure that all Canadians benefit from strong consumer protection standards.

[Credit Card Fairness Act, January 29th, 2019]

Mr. Speaker, I want to point out the fact that the government in BIA 2 introduced consumer protections. It was the largest package of new measures since the FCAC's creation.

If the member opposite was so concerned about these things, did she involve herself in that process done with consultation and why in the last 10 years under the Harper Conservatives was consumer protection not important? How are we supposed to believe the Conservatives think that consumer protection in banks is important now when they had 10 years to do something about it and did nothing?

[Finance, January 29th, 2019]

Mr. Speaker, we have already cut taxes and the member opposite talks about the Canada child care benefit, which they taxed. We, on the other hand, made it tax free. We continue to make the right kinds of investments. We are focused on Canadians. At the end of the day a typical Canadian family is $2,000 better off. With a decade under the Harper Conservatives, we know what Conservative cuts look like and Canadians voted against them.

[Finance, January 29th, 2019]

Mr. Speaker, it is simply not true. A typical Canadian family is $2,000 better off under our plan than under the Harper Conservatives. That is real money in the pockets of everyday Canadians that need it. The Conservatives talk about their austerity and cuts. Let me talk about the Canada child benefit. Over 16,410 children are benefiting in the member's riding alone. Is he going to look those children in the face and take that money from them just to prove a point? We believe in investment. Conservatives believe in—

[Finance, January 29th, 2019]

Mr. Speaker, look at our record. Over the last number of years we have actually cut taxes. The member is talking about hypotheticals, but the record shows that we reduced taxes. We reduced taxes on middle-class Canadians. We have reduced taxes for small businesses.

It is clear from the fact that the member for Carleton is speaking about Ontario that he just wants to create a nationalized plan of the Premier Ford cuts. That is what the Conservatives' platform is. When are the Conservatives going to be honest with Canadians and tell us what they plan on—

[Finance, January 29th, 2019]

Mr. Speaker, the Conservatives continue to relay fake information. The fact is that we actually lowered taxes for middle-class Canadians. We lowered taxes for small businesses and we increased benefits like the Canada child benefit.

When will the Conservatives finally tell the truth and say that they are taking their marching orders from Premier Ford and that we are going to see more and more cuts across this country, cuts to education, cuts to Franco-Ontarian language rights? Why will the Conservatives not be honest and tell Canadians about the cuts they plan on making?

[Finance, January 29th, 2019]

Mr. Speaker, we committed and kept our promise to grow and invest in Canadians, to grow the economy for the middle class and those working hard to join it.

We did not take on the same economic plan as the Conservatives, because they could not manage the economy to help create a more prosperous economy for everyone. All they did was focus on their millionaire friends. We are focused on Canadians and we know our plan is working. When we invest in Canadians, they create the economic success that—

[Finance, January 29th, 2019]

Mr. Speaker, in 2015, Canadians had a choice between the Conservatives and the NDP who promised austerity and cuts at all costs.

We knew that after a decade of failed economic policies under the Harper Conservatives, we had to make the right kinds of investments for Canadians. By doing so, Canadians have created over 800,000 new jobs. We have the lowest unemployment rate in 40 years. A typical Canadian family is $2,000 better off.

We know how to grow the economy. We are not going to take the same approach as the failed Conservative economic plan.