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New bank rules come into force this month but critics say they don’t go far enough

Published

10 months ago

7 minute read

TORONTO — The long wait for shorter wait times on resolving bank complaints is almost over as part of a raft of updates to banking regulations set to come into force.

The reforms are contained in a new financial consumer protection framework that is meant to address gaps in the system, but despite being almost a decade in development critics say the changes amount more to minor tweaks than any fundamental fix to the problems.

“It’s not an earth-shaking change, it’s not adequate to really protect consumers,” said John Lawford, executive director of the Public Interest Advocacy Centre.

Banks have already started sending out notifications on some of the changes they’ll have to implement when the rules come into force June 30, such as alerts on when an account balance goes below $100, and new rules limiting the liability on lost or stolen credit cards to $50 unless there’s gross negligence.

The new rules also reduce the number of days to 56 after first submitting a complaint against a bank before someone can elevate the issue to one of the third-party evaluators. Previously the rules allowed escalation 90 days after it had been escalated to the bank’s second level of resolution, but a lack of transparency from the banks around the timing helped push the actual average time to escalate a claim to be around 130 days.

Since the finance department sent out an initial consultation paper on the changes in late 2013 there have also been increased concerns about high-pressure sales tactics and up-selling in the industry. The new rules now specifically state that banks can’t “impose undue pressure” to sell a product or service, and that those products and services need to be “appropriate for the person” and their financial needs.

But while the new framework directsbanks to improve policies, it’s not clear how enforceable, or effective, the new rules will be.

“It doesn’t really change the fundamental relationship that banks and their customers have, which is still transactional,” said Rene Kimmett, who isan articling student at the Public Interest Advocacy Centre.

The rules don’t go so far as to establish a fiduciary duty to act in the best interest of the client as some securities law does, she noted.

The changes also don’t incorporate rules around financial product design that are used in Australia, the U.K. and the EU, that require banks to design products for an appropriate target market, moving the question of whether a product is appropriate earlier in the product development stage.

Such rules are especially useful to protect consumers who are offered products and services via push notifications without the opportunity to ask questions about the product and its appropriateness for meeting their goals, said Kimmett.

The Financial Consumer Agency of Canada (FCAC), which is tasked with protecting the interests of banking clients, said the new rules should address many of the concerns around sales tactics that it reported on in late May. The agency’s report noted around 15 to 20 per cent of mystery shoppers found product recommendations to be inappropriate, such as premium credit cards without asking about spending habits or income, with worse outcomes for visible minority and Indigenous customers.

For its part, the banking industry supports the changes under the new framework, said Canadian Bankers Association spokesman Mathieu Labrèche in a statement.

“Banks devote considerable time, effort and resources to help ensure customers are provided products and services that are appropriate for them and which they have consented to receive. Banks are committed to compliance with consumer protection measures.”

Looking beyond the framework itself, critics like Kimmett also note that while the complaints timeline has improved, the problem remains that Canada has two external complaints bodies that banks can choose from, leading to the skewed incentive of the two organizations needing to keep banks as clients while making rulings against them.

The federal government made an election promise to establish a single external complaints body, and recommitted to it in this year’s federal budget, but hasn’t given a timeline yet on when it will implement the change.

The new rules also do nothing to protect consumers from unfair prices, said Duff Conacher, co-founder of Democracy Watch, a Canadian advocacy organization.

“The rules are not very comprehensive in terms of stopping abuses and discrimination, and do nothing to stop gouging.”

He said that along with better enforcement by the FCAC itself, a much more effective action by the federal government would be to follow through on the Liberals’ campaign promise to enhance the powers of the FCAC to review prices charged by banks and impose changes if they are excessive.

“It was promised and was a huge promise, because it’s the first time a ruling party has promised to give a regulatory agency the power to review prices and impose changes.”

When asked about plans to create the single complaints body and to enact the enhanced powers, a Department of Finance official reiterated the budget commitment without providing further details, and said the government regularly reviews the financial sector framework and the protection of financial consumers.

This report by The Canadian Press was first published June 12, 2022.

Ian Bickis, The Canadian Press

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Allow unvaccinated Canadians to cross U.S. border, Poilievre asks President Joe Biden

Published on March 24, 2023

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U.S. President Joe Biden shakes hands with Conservative Party of Canada Leader Pierre Poilievre, as Prime Minister Justin Trudeau looks on, during a welcoming ceremony on Parliament Hill in Ottawa, on Friday, March 24, 2023. Conservative Leader Pierre Poilievre says allowing Canadians who are unvaccinated against COVID-19 to cross into the United States was among issues he raised with President Joe Biden. THE CANADIAN PRESS/Justin Tang

By Stephanie Taylor in Ottawa

Conservative Leader Pierre Poilievre said Friday he asked President Joe Biden to remove the U.S. government’s requirement that Canadians be vaccinated for COVID-19 before crossing the border.

He told reporters after their meeting that American citizens are no longer required to have their shots and Canada allows unvaccinated Americans to visit.

“There are millions of good, decent, honourable people who, through a personal medical decision, are discriminated against at the border,” Poilievre said.

“I encouraged the president to lift those restrictions to allow them freedom of mobility.”

Poilievre won the leadership of his party a little more than six months ago by mounting a vocal opposition to COVID-19 health restrictions, including mask and vaccine mandates, but he has since focused his message on cost-of-living issues.

He met with Biden on Parliament Hill Friday during the president’s 27-hour visit to the Canadian capital, and later shared a photo of the two online.

Michael Ignatieff was the last Opposition leader to have face time with a U.S president. The former Liberal leader met with former President Barack Obama in 2009. It happened at the airport.

Poilievre said Friday he found Biden wants to be a “friendly” and “decent” neighbour to Canada, and on a personal level, he said he told the president they share Irish heritage.

He said they discussed the need for Canada to bolster its defence systems and “bring fairness” to workers by seeing the U.S. exempt Canada from its Buy American policies.

The Tory leader also said he expressed a need for Biden to axe tariffs on Canadian softwood lumber, arguing that the long-standing dispute saw a brief reprieve under Conservative prime minister Stephen Harper.

“I don’t believe that Prime Minister (Justin) Trudeau has pushed and fought on behalf of Canadians,” he said.

Before the meeting, Poilievre had shared some unscripted moments with the leader of the free world.

As he stood in a receiving line of Canadian politicians from all parties who were greeting Biden upon his arrival at Parliament Hill, Poilievre introduced himself as the “Leader of His Majesty’s Loyal Opposition.”

That prompted Biden to question, still shaking Poilievre’s hand: “Loyal opposition?”

Poilievre assured him that yes, “we believe that opposition is an act of loyalty in our system.”

Biden chuckled, patting Poilievre on the arm.

“We do, too, unfortunately,” he said, chuckling.

Later, while addressing the House of Commons, Biden noted that both he and Trudeau appointed cabinets that were half women, making them the first in their respective countries to do so.

Many in the chamber broke out in applause.

Biden noticed that Poilievre and the Opposition Conservatives were not quick to rise, and quipped: “Even if you don’t agree, guys, I’d stand up,” which Poilievre and others then did.

Asked afterwards about that interaction, Poilievre said only: “We support gender equality for all Canadians.”

Poilievre was on the guestlist for a dinner with Biden Friday evening, along with other government ministers, officials and celebrities.

The invitation process came with a dash of partisanship.

Earlier in the day, staff in Poilievre’s office were left scratching their heads when they said it had not received an invite from Trudeau’s office to attend, and asserted that any suggestion he had refused the invitation was false.

The Prime Minister’s Office confirmed it had sent Poilievre notice of the dinner — but the invitation went to a personal email account that notifies senders it is not monitored.

This report by The Canadian Press was first published March 24, 2023.

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Alberta

Alberta’s environmental leaders recognized

Published on March 24, 2023

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The Alberta Emerald Foundation (AEF) announced the shortlist for the 32nd Annual Emerald Awards this week. Since 1992, the Emerald Awards have showcased over 350 recipients and 850 finalists who are raising the bar in addressing environmental and climate change issues. These environmental awards celebrate excellence across all sectors, making them unique not only in Alberta but also in Canada.

This year’s shortlist was chosen by a third-party panel of volunteer judges, each bringing expertise from numerous sectors across Alberta. Judges selected the shortlist, consisting of 39 organizations, projects, and individuals from across the province, from 51 nominations. During their deliberations, the judges also determined who from the shortlist will take home an Emerald Award in each of the 15 award categories.

“Those represented in this year’s shortlist demonstrate the incredible dedication that Albertans have toward protecting our environment and taking action against climate change” says The AEF’s Executive Director, Marisa Orfei, “The diversity in the shortlist is also astounding, there’s small grassroots organizations, large corporations, and everything in between. We’re also incredibly proud to have 17 communities across Alberta represented in this year’s shortlist, including Drayton Valley, Grande Cache, Canmore, and many more.”

Here are the organizations, projects, and individuals recognized in The 32nd Annual Emerald Award shortlist:

Air Category – Recognizing projects and initiatives that improve air quality.

  • Blindman Brewing First-in-Canada CO2 Capture and Utilization (Lacombe, AB)

Business Category – Showcasing an organization engaged in commercial, industrial or professional activities that have demonstrated a meaningful commitment to an environmentally sustainable future.

  • Reimagine Architects – 26 Years Building Sustainable Futures (Edmonton, AB)
  • Eco-Flex Recycled Rubber Solutions (Legal, AB)
  • Envirotech Geothermal – Alberta’s smartest way to Net Zero! (Sherwood Park, AB)

Community Group or Nonprofit Category – Recognizing associations dedicated to furthering a particular social cause or advocating for a shared point of view that has demonstrated a significant commitment to the environment through their actions.

  • Alberta Bike Swap – supporting the circular economy before it was cool (Calgary, AB)
  • Project Forest: Rewilding Canada, One Forest at a time (Edmonton, AB)
  • Alberta businesses are building a better Business-as-usual with Green Economy Canada (Edmonton, AB & Calgary, AB)

Education Category – Acknowledging those that have raised the bar by showing leadership and creativity in educating students of all ages about environmental matters.

  • Eagle Point-Blue Rapids Parks Council Environmental & Outdoor Education Program (Drayton Valley, AB)
  • Future Energy Systems: Exploring Our Energy Future With The Community, Our Students, And More (Edmonton, AB)
  • Evergreen Theatre: A 32-Year Legacy of Inspiring Environmental Awareness & Action Through the Arts (Calgary, AB)

Energy Category – Recognizing projects and initiatives that positively support the evolution of our province’s energy systems.

  • Calgary’s Residential Solar Calculator (Calgary, AB)
  • Bow Valley Green Energy Cooperative, empowering community to transform Alberta’s energy (Canmore, AB)
  • Metis Nation of Alberta Climate Change Action Plan (Edmonton, AB)

Government Category – Recognizing all levels of government whose ongoing commitment sets the example of environmental leadership and advocates sustainability as a major consideration in governance.

  • Environmental Achievements of the City of St. Albert (St. Albert, AB)
  • Violet Grove’s Constructed Floating Wetlands System with Aeration (Drayton Valley, AB)
  • Nose Creek Watershed Partnership – Celebrating 25-Years of Watershed Planning, Policy and Action (Mossleigh, AB)

Infrastructure Category – Recognizing environmental advancements in the ways we design, build, and travel.

  • Solar Aquatic Systems Wastewater Treatment (Drayton Valley, AB)
  • SSRIA: Transforming the AEC Industry Towards a Net Zero Built Environment (Edmonton, AB)
  • Ecoplast Solutions: Building Houses from Recycled Plastic Bottles (Lloydminster, AB)

Land Category – Recognizing projects and initiatives that demonstrate excellence in sustainable land use.

  • The City of Calgary’s Willow Plantation for Marginal Land Improvement and Carbon Capture (Calgary, AB)
  • Ledcor Highway Maintenance Yard Upgrades (Edmonton, AB)

Lifetime Achievement Award – Celebrating environmental leaders who, throughout their lifetime, have made contributions of outstanding environmental significance.

  • Dirk and Nanja of The Barrelman Inc.: 25 years of protecting land and water through local action that inspires (Calgary, AB)

Public Engagement & Outreach Category – Recognizing programs and initiatives that educate and empower the broader public by teaching the necessary skills to make informed environmental decisions and take responsible action.

  • GreenLearning’s Eco 360 program: Transitioning to a circular economy for plastic waste! (Drayton Valley, AB)
  • My Green Closet: Sustainable Lifestyle and Slow Fashion Platform (Edmonton, AB)
  • Calgary Climate Symposium: How The City of Calgary Engages and Educates Albertans on Climate Change (Calgary, AB)

Shared Footprints Award – Recognizing those who have exemplified land and water stewardship, built shared knowledge, improved air quality, reduced land disturbances, and encouraged ecotourism.

  • Edmonton River Valley Conservation Coalition: Working Together to Protect the North Saskatchewan River Valley (Edmonton, AB)
  • Highfield Regenerative Farm (Calgary, AB) Waste Management Category – Recognizing projects and initiatives that innovate the repurposing, reduction, and disposal of waste in an environmentally-conscious way. Earth Warrior (Edmonton, AB)
  • Revolutionizing Recycling with [Re] Waste: Transforming Waste Management for a Sustainable Future (Edmonton, AB)
  • Microgreens Club – A Zero Waste Initiative (Calgary, AB)

Water Category – Recognizing projects and initiatives that demonstrate excellence through the monitoring, management and/or stewardship of water and watersheds.

  • Forest industry collaboration cultivates sustainability around vital wetland ecosystems (Edmonton, AB)
  • LakeKeepers: Community-Based Monitoring of Alberta’s Lakes (Edmonton, AB)
  • Safe water and water sustainability in Alberta (Calgary, AB)

Wildlife & Biodiversity Category – Recognizing projects and initiatives that protect and conserve natural habitats and wild species.

  • Aseniwuche Winewak Nation’s Caribou Patrol Program: 11 years of saving Alberta’s caribou (Grande Cache, AB)
  • Friends of Fish Creek Provincial Park Society – Sikome Beaver Coexistence Project. (Calgary, AB)
  • The Edmonton Urban Coyote Project: Collaborative Research and Education for Coexistence with Wildlife (Edmonton, AB)

Youth Category – Recognizing people, 25 years of age and under, who have made meaningful contributions and have taken positive action to improve the environmental health of their community.

  • Monica Figueroa: Edmonton youth climate activist (Edmonton, AB)
  • Strathmore High School Community Greenhouse (Strathmore, AB)
  • Energy & Environmental Sustainability Projects in Action at New Myrnam School (Myrnam, AB)

The recipients in each category will be named at the 32nd Annual Emerald Awards ceremony on June 7, 2023, at the Citadel Theatre in Edmonton, Alberta. Emerald Award Recipients receive:

  • A $2,000 grant to support their work or to donate to an environmental charity of their choice
  • A profile of their work through The AEF’s Sharing Stories program, which includes the Emerald Documentary Series, What On EARTH Can We Do? podcast, and Emerald Speakers Series
  • A certificate and Emerald Awards recipient digital logo to commemorate their achievement

The Awards will also be live-streamed through the AEF”s YouTube Chanel to allow people from across the province to attend. Tickets for the 32nd Annual Emerald Awards ceremony can be purchased here.

The Alberta Emerald Foundation (AEF) is a registered Canadian charity with the unique mission to tell Alberta’s environmental good news stories to uplift, educate, and inspire our province toward meeting environmental and climate change goals.

Research suggests that when we learn about what real environmental and climate change solutions look like and how they’re being implemented in our communities, it increases our ability and desire to take action in our own lives. By providing real-life examples of these solutions through our various storytelling programs, the AEF helps Albertans take the next step toward environmental protection and climate action. With every person that we reach through our programming, we’re helping Alberta reach its broader environmental and climate change goals.

Click to learn more about the Alberta Emerald Foundation.

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