However, there are indications that the upcoming overhaul of the financial services legislation offers some promise for consumers. The independent task force appointed by the federal government to study financial services sector reform made wide-ranging recommendations to increase consumer protection measures and empower consumers. It is hard to say if this newly incarnated Public Interest Paul will come through for Canadians with substantial consumer protection measures. He will be confronting an industry ferociously opposed to consumer protection, and angry over the merger rejection. Once the mergers are out of the public eye, it will be tempting for the government to water down the reform package so as to achieve peace with the powerful banking industry.
Active vigilance is needed.
We have some success with advisory bodies such as the independent task force, and the House of Commons Committee on Finance. Until the doors open more than a crack, we can not be sure that there will be any progress at all in consumer protection in banking. Much of this work, as well as other research undertaken by PIAC has now been incorporated into a new study which analyzes the public's Internet needs and the successful models of development and funding necessary to ensure that Canadian's everyday communication needs are included as an important component of Canada's Information Highway. The report entitled Community Networking and Access Initiatives in Canada will be available from PIAC by mid January. Recent research undertaken by PIAC in partnership with Ekos Research Associates found that three in ten households currently access the Internet from home.