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ARTICLE · 15 JANUARY 2014

Are You Ready For The FCAC Clear Language Review?

Blake, Cassels & Graydon LLP
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The Financial Consumer Agency of Canada (FCAC) has announced that it expects to initiate a review of consumer-facing disclosure documentation over the course of 2014-15 to assess compliance with clear language requirements applicable to federally regulated financial institutions (FRFIs).

CanadaFinance and Banking
Bonny Murray
Bonny Murray
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The Financial Consumer Agency of Canada (FCAC) has announced that it expects to initiate a review of consumer-facing disclosure documentation over the course of 2014-15 to assess compliance with clear language requirements applicable to federally regulated financial institutions (FRFIs).

CLEAR LANGUAGE REQUIREMENT

The Cost of Borrowing Regulations made under each of the statutes governing FRFIs include the requirement that any disclosure required to be made under the regulations "must be made in language, and presented in a manner, that is clear, simple and not misleading" (the Clear Language Requirement). Note that the Clear Language Requirement covers both the language used and the manner of presentation.

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