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«We are paying the price for having waited too many years before you have changed some of the laws,» said Guy Cormier

by

Denis Méthot

January 19, 2018 13:25

Guy Cormier | Photo : Denis Méthot

The many questions surrounding the rapid evolution of technology in the financial services industry, such as the sale of insurance via the Internet, represent the price to pay for having waited almost 20 years to change some laws.

This is what was said Thursday morning the president and chief executive officer of Desjardins group, Guy Cormier, at the continuation of the parliamentary commission devoted to the project of act 141.

A rapid adoption

Recalling that two ministers had initiated this ambitious reform, but failed to this day to carry it to term, he indicated that Desjardins based entirely on this approach. He said he hoped that bill 141 be adopted before the end of spring 2018.

«The world is watching us now. It has been almost 20 years that is expected. It is necessary to find the way to adopt this bill quickly, » has launched Mr. Cormier.

Clarification needed

From the outset, Mr. Cormier has held on to reset the clock to the hour about a concern that he said to hear and see in advertisements that anyone in Quebec could advise or even sell anything in financial products.

«This is not at all the reading that I do, and that at Desjardins, we have in the bill. If there is a need for clarification on items to adjust on this supposed issue, do so Mr. Minister : put it in the bill as quickly as possible for you to stop talking about this, » he said to the attention of Carlos J. Leitão.

Disappearance of the Rooms

Questioned by the elected representatives, the representatives of Desjardins group have expressed support for the integration of the Chamber of damage insurance and the Chamber of financial security to thefinancial markets Authority.

«We are of the opinion that the integration of the rooms is a great way to simplify life for both insurers and consumers,» said Alain Hade, vice-president, experience members-clients, at Desjardins general insurance Group.

Yvan-Pierre Grimard | Photo : Denis Méthot

A process more cumbersome and slow

Later, his colleague Yvan-Pierre Grimard added. He mentioned that having two regulators who are involved in complaints, ethics, or other records made the process more cumbersome and slow. The aspect of costs should also be taken into account, even if it is not the most important.

«The single regulator, in this case the Authority will have a complete file on a complaint, he argues. This will be more efficient and faster. The consumer will benefit from it, as well as the subject. The situation of a representative who will be the subject of a complaint conduct will be resolved more quickly. In fact, the whole world will benefit from the single window to the financial markets Authority. «

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