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ARTICLE · 10 SEPTEMBER 2021

Foreign Banks Operating In Canada Subject To The New Financial Consumer Protection Framework

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A new financial consumer protection framework (the Framework) is set to come into force on June 30, 2022.

CanadaConsumer Protection
Blair Keefe
Blair Keefe
Brigitte Goulard
Brigitte Goulard
Eli Monas
Eli Monas
Marissa Daniels
Marissa Daniels
William R. Walters
William R. Walters
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A new financial consumer protection framework (the Framework) is set to come into force on June 30, 2022.  The Framework will consolidate and strengthen the existing consumer protection regime applicable to Canadian incorporated banks and foreign banks carrying on business in Canada through a branch (AFBs). The Framework will also reinforce the powers of Canada's financial consumer protection agency, the Financial Consumer Agency of Canada (FCAC). This bulletin focuses on the applicability of the Framework to AFBs only.

What you need to know

  • The Framework introduces new responsible business conduct provisions which will also apply to business customers of an AFB.
  • AFBs will be expected to comply with the Framework's onerous complaint management requirements and a new whistleblower regime.

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