November 16, 2009

Ottawa has completed a round of consultations with the insurance and banking industries about its decision to stop banks from marketing insurance on their websites, and is now crafting a plan for putting the rules in place.According to a letter that the Insurance Bureau of Canada (IBC) sent its members, the Department of Finance sought input from the industries on how to implement its proposal.

The government's specific concerns illustrate the challenges it faces in applying the laws that govern bank branches in the online environment.How should the concept of a bank branch be translated into bank websites?" the letter asked. "Should there be a distinction between websites for the corporate bank group, retail banking site open to the general public, and secured bank website for existing customers only.