Design and implement initiatives to better protect consumers, particularly seniors, from potential harms in dealing with financial institutions and telecommunications companies.

What success looks like

Consumers are better empowered and protected in their dealings with financial institutions and telecommunications companies, including more vulnerable Canadians such as seniors.

Government's narrative on progress

Consumers deserve a competitive marketplace where they are treated fairly. In June 2018, the government directed the Canadian Radio-television and Telecommunications Commission (CRTC) to launch a public inquiry to investigate the sales practices of large telecommunications companies. Particular consideration will was to be given to vulnerable groups, including seniors. The Competition Bureau is assisting the CRTC in light of their expertise and responsibilities regarding deceptive advertising. In July 2018, the CRTC launched the inquiry with detail on the different phases and consultations processes. In parallel, on November 9, 2018, the CRTC began a regulatory proceeding with a call for comments on the creation of consumer code of conduct for Internet services. On February 20, 2019, the CRTC released the results of the inquiry. The Commission confirmed that inappropriate sales practices were a serious issue. In the near term, the CRTC is moving ahead with the consumer code of conduct, a secret shopper program to monitor practices, and new information tools. A range of other measures are also under consideration. Budget 2018 announced the government’s intention to introduce legislation that could strengthen the Financial Consumer Agency of Canada's (FCAC) tools and mandate and continue to advance consumers’ rights and interests when dealing with their banks. The government introduced legislation to fulfill this commitment in the *Budget Implementation Act, No. 2*, which received Royal Assent on December 13, 2018. Amendments focused on three key areas: requiring new internal bank practices to further strengthen outcomes for consumers, providing the Financial Consumer Agency of Canada with additional tools to implement supervisory best practices, and further empowering consumers. In addition, to respond to the unique needs of Canada's aging population, FCAC will engage with banks and seniors' groups to create a code of conduct to guide banks in their delivery of services to Canada's seniors. The new Minister of Seniors will support this engagement.

Note: this is the government's own description, not an independent assessment.