Financial Services (Unfair Terms in Consumer Contracts) Bill

Key Points

• Targets ancillary pricing terms in personal financial services contracts for fairness assessments
• Provides a framework for determining fairness of these terms, potentially guiding regulators and courts
• Expands consumer protection to pricing terms that accompany financial products such as bank accounts, loans and insurance
• Currently at the second reading in the House of Commons; originated in the Commons with the first reading in 2010
• Part of ongoing legislation in the area of consumer protection in financial services, not yet advanced to committee or final approval

Progress

The bill is currently at the second reading in the Commons. It originated in the Commons, with its first reading in 2010, and has not yet progressed to the committee stage or further readings.