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Dialogue of the deaf between the FSB and the minister Leitão


Denis Méthot

18 January 2018 11:17

Me Stéphane Rousseau, Gino-Sébastian Savard, Marie Elaine Farley, and mr. Marc Beauchemin | Photo : Denis Méthot

The Chamber of financial security (FSB) has dearly defended his skin Wednesday in Quebec city at the resumption of the work of the parliamentary commission devoted to the project of act 141.

The Room is threatened with extinction, pure and simple, following the integration of its major mandates and activities to theAuthority of the financial markets. The discussions between the representatives of the Chamber and the minister of Finance, Carlos J. Leitão, however, have turned to a dialogue of the deaf.

Opposition to deregulation

«Who has an interest in dérèglementer this important sector of the financial health of consumers, is questioned Gino-Sébastian Savard, senior vice-president of the board of directors of the Chamber ? Who requested it ? Who has an interest in what the consumer is delivered to him-even then that the current system protects ? «

Mr. Savard has added that the Chamber is opposed to deregulation, whose consequences will be no common measure for consumers. «The protection of the public is a sine qua non in any reform. It must guide the legislator. Is it that you want to risk that consumers perform on their own without professional support in the self-assessment of their financial situation, shopping, and the purchase of their own product as complex and as important as is the insurance ? As a society, do we really want to open this breach ? «

«The Authority is not just there to decorate»

«I think you’re going a little far…, has an immediate response from the minister of Finance. Our motivation to propose these changes, it is not that we have anything against the Chambre de la sécurité financière or the Chambre de l’assurance de dommages. You are doing a proper job «, said the minister.

«We believe, however, that to integrate the activities of these two rooms to Authority is a more effective way to regulate the industry. You say that we let the consumer abandoned to itself. And the Authority in all of this ? It is not just there to decorate ! The Authority plays a very important role in the regulation of our industry «.

The reservations of the minister in response to concerns raised Rooms

The minister Leitão also spoke out against the idea put forward by the two Rooms as if bill 141 was passed, anyone could do anything in the field of insurance.

«Here, we don’t really have the same reading of our bill, he exposed. We do not change the article 12 which says that no person may act as representative or is presented as such unless that person is the holder of a certificate issued for this purpose by the Authority. We do not let consumers fend for themselves. People who speak in the name of an insurance company must continue to be certified. It is important to say «.

The council : not an exclusive activity, » said the minister

The minister is also in disagreement on the notion of exclusivity of the council was defended by the two Rooms. «We believe that giving advice is not an activity that should be exclusive, he argued. To claim that only dealers can give advice is very limiting. But when we pass to the next act of acquiring an insurance contract, then, it is not in the council, but in the contract and must be a certified representative. Prevent or restrict the council would instead deprive consumers of information that would be very useful.»

The Chamber says that depriving the public of an organization on the front line as it is equivalent to let the consumer to him himself. It highly doubt it, as have many players in the industry before it last December, that people have the financial knowledge required to determine their own insurance needs and understand the complexity of the contracts. A simple error could have serious consequences for a family.

Gino-Sébastian Savard | Photo : Denis Méthot

Do also remove the Bar ?

«In fact, has supported Gino-Sébastian Savard, it is as if we allowed the patients to selfdiagnose, shopping for a treatment on the Internet and is available from a pharmaceutical drug that will heal without the help of a professional. By abolishing the House, we would abolish the structure of the oversight and training of professionals. Are we going to do the same with the Barreau du Québec, the College of physicians, theCollege of pharmacists ? «

Mr. Savard has also claimed, in reference to the size of the Authority, that there has rarely been a great organization to be more effective than a small one. «I don’t think that we will gain efficiency and economies «, anticipates-t-it.

Comparisons, images and reviews of Mr. Savard and his colleagues do not, however, seem to have shaken the minister Leitão, who showed no opening to maintain the two Chambers in their current form.

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