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OTTAWA — Canada’s biggest financial institutions have agreed to voluntarily reduce service costs for those that need to save the most following discussions with a federal government eager to push its “consumers-first agenda.”

Low-income seniors, heavily-indebted students and job-seeking youths are among the seven million Canadians who will be getting a break from their banks.

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Long-advocated by the late Jim Flaherty, Ottawa’s much-trumpeted “consumers-first agenda” is being pursued by his successor as Canada’s finance minister, Joe Oliver, and other federal officials.

Mr. Oliver on Tuesday announced the country’s eight biggest financial institutions, along with smaller banking-services outlets such as President’s Choice, have agreed to new guidelines requiring them to offer “no-cost” accounts and other savings to many more customers, beginning Jan. 15.

So far, the top banks agreeing to the new guidelines are Royal Bank, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, CIBC, National Bank, Laurentian Bank and HSBC.