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Elections : a group of consumers wants that the supervision of financial services is a priority

by

Justine Montminy

September 11, 2018 09:30

Jacques St-Amant, analyst at the Coalition des associations de consommateurs du Quebec | Photo : Denis Méthot

The Coalition des associations de consommateurs du Québec, which brings together 21 associations of consumers, members, requests that the supervision of financial services is among the priorities of the provincial election campaign.

The Coalition’s application to future decision-makers to commit to strengthening the protection of québec consumers aware of their next term of office and to reveal their guidance in this area.

“Gaps” in the regulatory framework of the financial sector

According to the Coalition, the supervision of the financial sector in Quebec has many limitations. It cites the adoption of the draft act 141 in June, which does not offer a framework that is sufficient, according to the group. In interview to the Newspaper of insurance in June of last year, the consulting analyst for the Coalition and lawyer, Jacques St-Amant, had communicated its concerns regarding the lack of supervision of the insurance sales through the Internet. The Coalition argues that the bill simply allowed the offer of services online, without adapting the rules pertaining to the rights of consumers to risks resulting from this new innovation.

“There was simply not formulated, Quebec, a comprehensive strategy for the development of the financial sector that would be suitable for the 21st century and that could be truly focused on the interests of the public,” explains Mr. St-Amant.

Establish a dialogue between all the actors

It is also critical to the reduction of certain disclosure obligations imposed on the merchants that offer financial products accessories, such as car dealerships. The Coalition requests that the of any real consultation between all actors take place.

“The reform of the supervision of the financial sector is necessary, everyone agrees, but this reform must be comprehensive and must be the result of a broad consultation process that will allow all the actors to participate,” says Rebecca Bleau, coordinator of the Coalition.

The Coalition also calls on the future government to reform the Law on the protection of the consumer, to create a department of Consumer and improve the support to consumer associations and self-reliant.

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