Ontario Launches Consultation on New Financial Protections for Consumers
Province Reviews Alternative Financial Services and Debt Collection
The province is inviting Ontarians to share ideas on how to better protect consumers who use high-cost financial products and services outside the mainstream banking and credit union systems.
The government is seeking feedback about issues such as payday loans, cheque cashing, money transfer services and experiences with debt collection agencies. There are two ways to participate online:
- Share your thoughts in our survey at Ontario.ca/FinancialProtection
- Read the full discussion paper, Strengthening Consumer Financial Protection, and submit comments.
Protecting Ontario consumers is part of the government's economic plan for Ontario. The four-part plan includes investing in people's talents and skills, making the largest investment in public infrastructure in Ontario's history, creating a dynamic, innovative environment where business thrives, and building a secure retirement savings plan.
- There are over 800 licensed payday lenders and loan brokers in Ontario.
- Since 2008, inquiries to the Ontario government about payday loans have consistently increased, to nearly 500 in 2014.
- The top subject of calls and inquiries to the Ministry of Government and Consumer Services is debt collection.
- Learn more about the consultation process and other opportunities to share your feedback. Check the Regulatory Registry for more information.
“Our government is committed to protecting consumers, and that includes protecting Ontarians from a cycle of debt. We encourage everyone to participate in this consultation so we can better understand the needs of Ontario’s consumers as we look at strengthening protections for people who are using alternative financial services or who are struggling with debt.”