A fairer financial system | Liberal Party of Canada

Over the past six years, we’ve introduced tough new penalties to crack down on predatory sales practices and to increase transparency in how banks deal with you.

To help Canadians struggling through the pandemic, we made sure that lenders provided Canadians with options to ease their debt repayments. We will take steps to ensure that as COVID-19 emerges, there are even stronger protections to level the playing field between you and your financial institution.

A re-elected Liberal government:

  • Demand that financial institutions offer flexible repayment options by default if you are going through tough times or facing a life event that causes financial stress. This will include a mandatory option for a 6 month deferral of mortgage payments in eligible circumstances.
  • Establish a single, independent ombudsman to handle consumer complaints involving banks, with the power to impose binding arbitration.
  • Crack down on predatory lenders by lowering the criminal interest rate.
  • Increase the powers of the Financial Consumer Agency of Canada to review the prices charged by banks and impose changes if they are excessive.
  • Move forward with a Canadian model of open banking to be launched no later than early 2023. This system will ensure that you, not your bank, are in control of your data.
  • Modernize Canada’s payment technology to provide faster, lower-cost options so you can manage money, pay bills and transfer funds to loved ones anywhere in the world safely and conveniently.

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Don F. Davis