Reforming Canada's Financial Services Sector
A Framework for the Future

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See also:

• News Release 1999-059.

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Table of Contents

1  Introduction and Overview.

• Task Force on the Future of the Canadian Financial Services Sector.
• Payments System Review.
• The Evolution of the Financial Services Sector.
• Shaping the Financial Services Sector – Guiding Principles.
• Reforming the Financial Services Sector – A Framework for the Future.

2  Promoting Efficiency and Growth.

• Demutualization of Large Insurance Companies.
• The Widely Held Ownership Rule.
• A Holding Company Structure.
• A Transparent Merger Review Process.
• Taxation.

3  Fostering Domestic Competition.

• Encouraging New Entrants.
• Expanding the Financial Co-Operative Sector.
• The Payments System.
• Foreign Bank Branching.

4  Empowering and Protecting Consumers of Financial Services.

• Improving Access to Financial Services.
• Improving Oversight and Consumer Awareness – the Financial Consumer Agency.
• Effective Redress – A Canadian Financial Services Ombudsman.
• Promoting Good Business Practices and Accountability.
• Scope of Application of Consumer Measures.

5  Improving the Regulatory Environment.

• Governance of the Payments System.
• Consumer Compensation Plans for Deposits and Insurance Policies.
• Streamlining Canada Deposit Insurance Corporation Standards.
• Preserving Safety and Soundness in the New Environment.
• Streamlining Regulatory Approvals.

6  Conclusion.

Annex A – Summary of Proposed Measures.

Annex B – Sector Overview.