Montréal - The Autorité des marchés financiers (the "AMF") is today launching a public consultation on the compensation of consumers of financial products and services in Québec further to a mandate assigned by the government of Québec.
In recent years, public debate regarding compensation of victims of financial fraud has brought to light various viewpoints, both with respect to the objectives sought and the way in which the Fonds d'indemnisation des services financiers (financial services compensation fund) should operate.
As part of this consultation, the AMF is seeking input from the general public and the industry on the following issues:
- The role of compensation among measures intended to protect consumers of financial products and services;
- Accountability of consumers and representatives;
- Fundamental objective of a compensation system;
- Approach with respect to consumer compensation;
- Responsibility for managing mechanisms intended to compensate victims of financial crime;
- Products, representatives and conduct covered by the compensation fund;
- Funding the compensation fund and cost containment measures.
To assist individuals and organizations in submitting comments as part of this consultation, the AMF has prepared a Reference Guide (pdf - 574 KB)This link will open in a new window (in French only for the moment) that discusses the protection mechanisms related to financial services in Québec. As well, the Notice and Request for Comment (pdf - 300 KB)This link will open in a new window (in French only for the moment) sets out various questions that have been raised and highlights issues related to the compensation of consumers of financial products and services in Québec.
Interested parties are invited to submit in writing their observations in connection with this consultation according to the terms and conditions given in the Notice and Request for Comment and do so no later than February 7, 2012. The AMF may ask to meet with the authors of the briefs to obtain clarifications on the comments and proposals submitted.
The Autorité des marchés financiers (the "AMF") is the regulatory and oversight body for Québec's financial industry.
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Québec City: 418-525-0337
www.lautorite.qc.ca This link will open in a new window