September 7th 2012: The federal government, under the leadership of Finance Minister Jim Flaherty, has released proposed regulations that would allow banks to mediate their own conflicts with customers. If the regulations pass, financial services customers will no longer be guaranteed access to an impartial third-party mediator. The Financial Consumer Agency of Canada FCAC is soliciting consultations from organizations on the proposed changes. In our Submission, CARP stresses the importance of consumer access to an independent mediator that can intake and investigate complaints and order redress and restitution of funds.
