NDP wants tougher rules on bank charges
Banks and mortgage lenders may have more restrictions on their charges if the NDP gets its way. Following stricter controls on telecoms companies charging customers for paper bills last year MPs from the party want Ottawa to get tough on lenders. MP Andrew Cash told 680News.com: “You shouldn’t have to pay money to pay your bill; you shouldn’t have to pay money to pay your mortgage; you shouldn’t have to pay money to pay your student loan.” He is calling for the code of conduct for banks and mortgage lenders to be expanded and for it to be mandatory; currently banks generally follow the code but are not required to. In response to a challenge from Cash in the Commons on Thursday Joe Oliver said that the government has implemented further protection for consumers. The finance minister said that Canadians should be helped by clearer information about financial products including fees. In the federal budget there was a proposal for a new framework for financial services.