Reforming Canada's Financial Services Sector - What Needs to Follow from Bill C8

Canadian Public Policy, Vol. 27, No. 4, pp. 503-14, December 2001

12 Pages Posted: 14 Apr 2005

See all articles by David W. Peters

David W. Peters

Peters Financial Consulting; Bishop's University; University of Western Ontario - Faculty of Social Science

Douglas D. Peters

Independent

Abstract

New federal legislation regulating financial institutions was introduced into Parliament as Bill C38 and a similar bill, C8, was reintroduced and passed into law in the spring of 2001. This paper is a critical analysis of the new legislation. The legislation does not address many of the important recommendations of the MacKay task force. It ignores consumer interests and retains the anti-competitive rules for insurance and leasing. It adds complications with a new Federal Consumer Agency and proposes to remove the 10 percent ownership restrictions, which were valuable in past years. This legislation fails to meet the objectives of the government's White Paper.

Keywords: regulation banking financial institutions

JEL Classification: G28

Suggested Citation

Peters, David W. and Peters, Douglas D., Reforming Canada's Financial Services Sector - What Needs to Follow from Bill C8. Canadian Public Policy, Vol. 27, No. 4, pp. 503-14, December 2001, Available at SSRN: https://ssrn.com/abstract=691462

David W. Peters (Contact Author)

Peters Financial Consulting ( email )

5 Elm Avenue, Suite 301
Toronto, Ontario M4W 1N1
Canada

Bishop's University ( email )

Lennoxville, Quebec J1M1Z7
Canada
(819) 822-9600 (Phone)

University of Western Ontario - Faculty of Social Science ( email )

London, Ontario N6A 5B8
Canada

Douglas D. Peters

Independent ( email )

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