Canadians use financial services every day – using a credit card, cashing a cheque, going to the bank, or signing a mortgage.

Canadians deserve to be treated fairly and provided with clear information when using financial services.

That’s why, since 2006, our Conservative Government has taken key steps to address consumer concerns and make financial services products more consumer friendly, such as:

  •  Protecting consumers with credit card rules that require consent for credit limit increases, require a minimum 21-day grace period on new purchases, full disclosure for consumers and limits to other anti-consumer business practices
  •  bringing in a ‘code of conduct’ for the credit and debit card industry to help small businesses deal with unfair practices.  The Code will help ensure fairness, encourage real choice and competition, and protect businesses from rising costs.
  •  banning negative option billing for financial products
  •  shortening the check holding periods and ensuring immediate access to the first $100 of a check
  •  requiring greater disclosures of mortgage prepayment charges
  •  making mortgage insurance more transparent, understandable and affordable with enhanced disclosure and other measures
  •  mandating a Task Force on Financial Literacy to consider ways to help Canadians improve their financial literacy and working to create a Financial Literacy Leader position to help promote financial literacy
  •  banning unsolicited credit card checks
  •  improving consumer protection by more than doubling the maximum fine on financial institutions which violate consumer provisions, from $200,000 to half a million dollars
  •  moving to protect consumers of prepaid cards

Our Conservative Government is committed to standing up for consumers.

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