Appearance before the Standing Committee on Finance (July 7, 2020): Disclosure statements for financial products


During the pandemic, many consumers have taken advantage of financial relief measures to defer credit payments that have been offered to them from their financial institutions. There is a general concern about the disclosure information that has been provided to consumers, specifically whether consumers fully understand the implications of deferred payments.


FCAC monitors the adherence of federally regulated financial institutions with the relevant disclosure requirements that exist for credit products (predominantly through the Cost of Borrowing Regulations). Any disclosure required to be provided to a consumer under these regulations must be presented in a manner that is clear, simple and not misleading. As the banks set up their deferral programs very quickly, there is concern about what has been communicated to consumers on the impacts of their deferral request.   

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