Fintechs Canada recently submitted a letter to the Ontario government in support of its attempt at modernizing consumer protection law.
The Ontario government was consulting on changes to the Consumer Protection Act, legislation that sets the rules which protect consumers in their dealings with businesses. In 2019, the Ontario government announced its first comprehensive review of the Consumer Protection Act in 15 years. Their latest consultation paper, which was released this year and contains specific proposals and “illustrative” legislative language, is the latest step the Ontario government has taken to modernize its consumer protection laws.
Provincial consumer protection laws, such as Ontario’s Consumer Protection Act, regulate the commercial relationships between fintech companies and their customers. The proposed changes include but are not limited to consolidating contract disclosure rules, modifying consumer rights in contract amendments and cancellations, and extending the coverage of compliance orders to affect “intermediary” businesses that facilitate the contravention of the Consumer Protection Act.
Fintechs Canada’s mission is to improve the economic well being of Canadians by making Canada’s financial sector more competitive and innovative, as well as stable and secure. A modernized Consumer Protection Act is an important piece of the puzzle.
Check out our full submission here.
