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ARTICLE · 06 DECEMBER 2021

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Further Clarifications From FCAC On New Financial Consumer Protection Framework

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The Financial Consumer Agency of Canada (FCAC) recently released for consultation two important Guidelines respecting the Consumer Protection Framework set out in the Budget Implementation Act, 2018...

CanadaConsumer Protection
Brigitte Goulard
Brigitte Goulard
William R. Walters
William R. Walters
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The Financial Consumer Agency of Canada (FCAC) recently released for consultation two important Guidelines respecting the Consumer Protection Framework set out in the Budget Implementation Act, 2018, No. 2, Bill C-86 (C-86): "Guideline on Complaint-Handling Procedures for Banks and Authorized Foreign Banks" (the CHG) and "Guideline on Appropriate Products and Services for Banks and Authorized Foreign Banks" (the APSG).

What you need to know

  • The FCAC expects that banks will develop complaint handling programs that are effective, timely, and accessible in order to ensure that consumers are provided with a consistent, efficient, and transparent complaint handling process.
  • The FCAC expects banks to develop policies and procedures that ensure they know their customers and products; assess the appropriateness of products and services; inform consumers of the results of assessments; and align compensation programs with the objective of offering appropriate products

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