Credit agency oversight: Quebec takes the lead

Montreal, December 5, 2019 – The Quebec CPA Order welcomes today’s tabling of Bill 53, which regulates credit agencies, their commercial practices and their interactions with Quebec consumers.

“With this bill, Quebec moves from being an underperformer to a high achiever in credit agency oversight in Canada,” said Geneviève Mottard, CPA, CA, President, Chief Executive Officer and Secretary of the Quebec CPA Order. “By finally giving consumers control over their credit files, the government is helping them take charge of their personal finances in a meaningful way.”

Even though personal debt and the use of credit have reached all-time highs, consumers have until now largely been left to fend for themselves in their dealings with all-powerful and opaque credit agencies. According to the Quebec CPA Order, the possibility of placing a credit freeze or security alert is a major step forward that will allow consumers to better manage their credit files and, consequently, their financial reputations.

Moreover, the Quebec CPA Order notes that credit management is a top concern among organizations that provide personal financial guidance.

To support this collective effort, the accounting profession has deployed CPA Canada’s Financial Literacy program across Quebec. The purpose of this initiative is to provide the general public with clear and objective information through free workshops in the workplace, public libraries and community settings. 

“Our sessions allow workers, pensioners and newcomers to acquire the knowledge and self-confidence they need to make informed and responsible financial decisions. By making credit file management more transparent and giving consumers concrete capabilities, the government is encouraging Quebecers to take greater control of their affairs,” added Mottard

About the Quebec CPA Order
The Ordre des comptables professionnels agréés du Québec has 40,000 members and 5,000 future CPAs, making it the third largest professional order in Quebec. The Order ensures the protection of the public and the visibility of the profession. It represents all areas of expertise of the accounting profession, including financial reporting, management accounting, strategy and governance, audit and assurance, finance and taxation.

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Information:

Jean-Louis Laplante
Manager, Public Affairs
Quebec CPA Order
T. 514 288.3256 [3024] 1 800 363.4688
jllaplante@cpaquebec.ca