North Weekly
Skip to Content News Archives Economy Defence Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Defence Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Defence Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials Home Finance Banking Canada's banks are charging unclear fees that discourage competition, says consumer watchdog Agency review done as Ottawa looks to improve competition in a financial sector heavily dominated by the Big Six Last updated 0 minutes ago The Financial Consumer Agency of Canada said that banks need to be more transparent about the fees they charge and provide more personalized information. Photo by Peter Power / Postmedia News Banking fees can add up over time and without a clear picture, consumers can find it hard to understand the total costs, a banking watchdog said Friday. Subscribe now to read the latest news in your city and across Canada.
Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others. Daily content from Financial Times, the world's leading global business publication. Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on. Daily puzzles, including the New York Times Crossword. Subscribe now to read the latest news in your city and across Canada.
Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others. Daily content from Financial Times, the world's leading global business publication. Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on. Daily puzzles, including the New York Times Crossword. Create an account or sign in to continue with your reading experience.
Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month.
Get email updates from your favourite authors. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Sign In or Create an Account or The Financial Consumer Agency of Canada (FCAC), which is responsible for protecting the rights of Canadian consumers of financial products and services, said that banks need to be more transparent about the fees they charge and provide more personalized information.
“Canadians should be able to clearly understand what they are paying for,” Shereen Benzvy Miller, FCAC’s commissioner, said in a statement on Friday. “When fees make the full cost harder to see, it affects both affordability and competition.” Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.
By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder.
The next issue of Posthaste will soon be in your inbox. We encountered an issue signing you up. Please try again More transparency would make it easier for consumers to compare options and save money, and financial institutions would have stronger incentives to compete for their business, said Benzvy Miller.
FCAC’s review said that multiple fees can apply to a single transaction to increase the total cost. For example, foreign exchange and cross-border debit fees can be included in the cost of a transaction, making the amount consumers pay in fees less visible, it said. The FCAC review was done as Ottawa looks to improve competition in Canada’s financial sector which is heavily dominated by the Big Six banks .
The Office of the Superintendent of Financial Institutions recently launched an accelerated pathway that could allow aspiring applicants to get a banking licence in about 16 months. Normal applications can take up to five years. It’s also looking to address the capital framework that banks use to make it easier for smaller banks to provide loans and be more competitive against the larger banks.
Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here . By continuing to use our site, you agree to our Terms of Use and Privacy Policy .
Source: Financial Post
