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ARTICLE · 07 FEBRUARY 2022

FCAC Issues Final Version Of Guideline On Bank Complaint-Handling

McCarthy Tétrault
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It will become effective on the same effective date as the FCPF and its regulations come into force, on June 30th, 2022.

CanadaFinance and Banking
TechLex Blog
TechLex Blog
Lucie Tedesco
Lucie Tedesco
Ana Badour
Ana Badour
Shauvik Shah
Shauvik Shah
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Context

On January 27, 2022, the Financial Consumer Agency of Canada ("FCAC") issued its finalized Guideline on Complaint-Handling Procedures for Banks and Authorized Foreign Banks in support of the new Financial Consumer Protection Framework ("FCPF") (see our blogpost series on the FCPF) and related regulations . The new guideline follows a consultation process which ran from October 27, 2021 to December 11, 2021 and is meant to assist Banks in developing and implementing the policies and procedures related to their complaint-handling processes required under section 627.43[1] of the Bank Act. It will become effective on the same effective date as the FCPF and its regulations come into force, on June 30th, 2022.

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