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Bank act : no revision before 2023


Hubert Roy

23 July 2018 11:30

The next great battle of the damage insurance brokerage was to take place in 2019. It is finally postponed until 2023.

Bill C-74 has got the royal assent last week. It states that the bank Act will not be revised before 2023. The federal parliamentarians have decided to maintain until this date the separation that exists between the activities of a bank and an insurer.

Theinsurance brokers Association of Canada (IBAC) is pleased. “According to the position that we stand for, and in preventing the sale of insurance products on the places where credit facilities are proposed, the government is demonstrating its commitment to protect consumers and to defend the interests of consumers of insurance products for the next five years,” said Peter Braid, chief executive officer of ACTA.

ACTA remains vigilant

According to Mr Braid, the retention of the current legislation is all the more important because it occurs at a time when the federal government is preparing to develop a regulation for the technology sector, financial. “The separation of long-standing which exists between the activities of banks and insurers should be maintained. It is important not to overlook the unintended consequences that might occur and that could weaken the provisions on consumer protection and personal information. “

The ACTA, however, says to remain vigilant in the face of the regulation affecting the technology financial. The Association said keep an eye on the items related to the platforms of bank data are open and the protection of personal information.

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