The FMB responded to Finance Canada’s “Consultation on Upholding the Integrity of Canada’s Financial Sector”. This was the first phase of Finance Canada’s consultation on the federally regulated financial institutions statutes as part of the financial sector legislative review announced in Budget 2022. The first phase of the consultation sought views and written submissions on how the legislative and policy framework should adapt to help address the challenges Canadians face in accessing financial services, as well as to technological and geopolitical trend.
The FMB advocated for the framework to better include Indigenous Canadians by making insurance more affordable on reserve; requiring more services to be available in Indigenous languages; and recommending that the government involve Indigenous groups when trying to improve the regulated financial sector.