IBAC supports the Conservatives on Bank Act review

The Insurance Brokers Association of Canada (IBAC) has voiced its support of the Conservative Party’s position on the Bank Act review, which endorses the maintainance of current regulations that deals with banks and insurance.

IBAC urged Canada’s other federal party leaders to follow suit with Stephen Harper on this issue, so that “fair and healthy competition” within the insurance industry will be maintained.

The banks, represented by the Canadian Bankers Association (CBA), have been seeking permission to provide information about insurance products to customers through their branch networks.

IBAC says this move would “quash healthy competition by ultimately giving them (banks) an unfair advantage over other players.”

“What’s at stake here is consumer interest – that’s something the Conservative Party understands and supports,” Dan Danyluk, CEO of IBAC, says.

Danyluk adds that, “Canada’s banks have a track record of swallowing up independent small businesses that serve Canadians in every community across this country.”

“Insurance brokers provide a personalized professional service to their clients, and the Conservative Party understands that Canadians should expect no less.”

IBAC says its major concern is that consumers will face increased costs and less choice if banks are allowed to dominate the market. In addition, IBAC warns that Canadians will also likely see higher premiums and less personalized service.

Another Conservative ideal that IBAC supports is its interest in protecting small businesses in Canada.

“This policy recognizes the role that small businesses play in our economy, and the benefits they bring to Canadians,” Danyluk says.