Federal Finance Minister Joe Oliver says Canadian banks will soon be providing customers with more financial information.

During a speech this afternoon in Toronto, he revealed bank staff will now be trained to better educate people about the pros and cons of products such as joint bank accounts and collateral mortgages. As well, they’ll provide more guidance when people are naming beneficiaries and appointing PoAs.

Read: Bank customers unhappy, says survey

Further, Oliver wants general information on more products made available in bank’s branches and on their websites. As a result, he adds, customers will benefit from an additional level of transparency about numerous financial products. For more on the government’s plan for banks, click here.

CBC reports Oliver is “touting the plan as a way for Canadians to become more financially literate,” and adds one of the main goals in Oliver’s view is for financial institutions to better prioritize the needs of seniors.

Read: Protect elderly clients from scams

Already, the outlet adds, banks voluntarily agreed to offer more low-cost bank accounts earlier this year.


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