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ARTICLE · 03 MAY 2018

FSCO Seeking Feedback On Guideline For Fair Treatment Of Consumers

McCarthy Tétrault
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It also includes both actual and potential consumers of a Licensee.

CanadaFinance and Banking
Adrienne Ho
Adrienne Ho
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The Financial Services Commission of Ontario ("FSCO") is soliciting feedback on its proposed Treating Financial Services Consumers Fairly Guideline ("Guideline"). This Guideline, which is anticipated to be released later this year, would apply to, among others, those licensed or registered by FSCO in the insurance, credit union/caisse populaire, loan and trust, and mortgage brokering industries (the "Licensees"). FSCO views the Guideline as ensuring a "common understanding about what it means to treat consumers fairly throughout a financial product's life cycle."1

Implementation

Application

The Guideline would apply to all Licensees, irrespective of whether they interact with clients and what stage of the product's life cycle they are involved with. Licensees are not only expected to share in the responsibility of treating consumers fairly but also to have documentation delineating the roles and responsibilities of the Licensees involved with a product

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