(February 7 – 18:30 ET) – The Canadian financial services industry welcomed the reintroduction of the government’s financial services reform legislation today.

“This legislation will remove uncertainty in the marketplace and allow institutions to move forward with their competitive strategies,” said Joe Oliver, CEO and president of the Investment Dealers Association. “We are particularly pleased to see the introduction of wider access to the payments system. This will broaden consumer choice and strengthen the Canadian capital markets.”

“Today’s re-introduction of the long-awaited financial services reform legislation is a very encouraging indication of the government’s commitment to its early passage,” said Mark Daniels, president of the Canadian Life and Health Insurance Association.

“We welcome this important piece of legislation and will do everything we can to work with the government, the House and the Senate to facilitate and expedite the completion of the legislative process,” Daniels added.

The banking industry commended the government for moving quickly to put financial service reforms in place.

“This legislation represents an important step in updating the financial sector’s public policy framework,” said Raymond Protti, president and CEO of the Canadian Bankers Association

Bill Knight, President & CEO of Credit Union Central of Canada also welcomed government’s action. “Credit unions across the country are pleased that the government has acted so quickly to reintroduce this important piece of legislation,” stated Knight.

“It opens up opportunities for the credit union system to compete in the national marketplace and gives us the flexibility we need to competitively structure and adapt our operations,” added Knight.
-IE Staff