Department of Finance Announces New Consumer Code Consultations

The Department of Finance is seeking the input from Canadians on how to protect consumers in all areas of the marketplace.

The federal government is planning to release the information and ideas obtained in the next few months in a report that will be released in the spring of 2014.

“A Consumer Code will help Canadians make more informed financial decisions today, and in Canada’s rapidly changing, increasingly digital financial marketplace in the future,” said Minister Bernier.

Some consumer protection measures are already being implemented. The government announced new Prepaid Payment Products Regulations that will require that fees for prepaid payment products which allow consumers to make purchases or cash withdrawals using funds that have been pre-loaded onto a card, be clearly disclosed to consumers on the packaging.

“These new prepaid card regulations are a timely and effective addition to the consumer toolkit,” Minister Bernier stated.

The regulations also prohibit the expiration of pre-loaded funds and maintenance charges for at least one year after activation.

Comments must be submitted to the Department of Finance via email to code.consult@fin.gc.ca (or by regular mail) before February 28, 2014.