New consumer protection rules for financial firms come into force

OTTAWA The head of Canada’s consumer protection watchdog for the finance industry says new rules for banks coming into force establish new standards of care.

The updated rules, which take effect Thursday, centre around changes to guidance about sales practices, disclosures and complaints resolutions.

Among the more than 60 changes include requirements that banks now have to make sure products are appropriate for the customer, notify clients when bank balances get low and deal with complaints within 56 days.

Critics have said that the rules do little to substantially change the relationship between banks and customers.