FCAC calls on banks to improve handling of consumer complaints Français
While the small and medium-sized banks that were assessed in FCAC's review took steps towards meeting the new requirements for complaint handling under the Financial Consumer Protection Framework (the Framework), FCAC found several areas for improvement.
For example, the banks reviewed did not treat all expressions of dissatisfaction from consumers as complaints. FCAC also found that the banks did not always deal with complaints within the prescribed period of 56 calendar days after the day on which the complaint was received. In addition, complaint records submitted by the banks to FCAC often lacked required information.
Each of the banks involved in the review has been informed of the findings specific to their institution and is required to take corrective actions. FCAC will monitor their response to make sure that they comply with the complaint handling requirements.
FCAC expects all federally regulated banks to review their complaint-handling procedures to assess their own compliance with the requirements and address any issues or deficiencies in a timely manner.
Consumers have the right to file a complaint if they have a problem with their bank. In 2022, the federal government strengthened the rules around complaint handling under the Framework to make the process more effective, timely and accessible for consumers. This includes introducing a 56-day timeline for banks to deal with complaints and establishing that banks must treat all expressions of dissatisfaction with a bank product or service as a complaint.
FCAC supervises banks' compliance with their complaint handling obligations. The Agency focused its most recent review on small and medium-sized banks because they were identified as being at a higher risk of having issues with implementing the new complaint handling measures under the Framework.
Quote
"The Financial Consumer Agency of Canada puts the rights and interests of Canadians first, and that includes their right to file a complaint with their bank. Effective and timely complaint handling is a cornerstone of trust in our financial system. That's why I expect all banks to resolve complaints within the required timeframe and support consumers throughout the process. FCAC will continue to actively supervise and enforce compliance with these important consumer protection measures, and with all the obligations under the Financial Consumer Protection Framework."
Shereen Benzvy Miller, Commissioner, Financial Consumer Agency of Canada
Quick facts
The Financial Consumer Agency of Canada protects Canadians by supervising the compliance of federally regulated financial entities, such as banks, with their legislative obligations, codes of conduct and public commitments, and by strengthening Canadians' financial literacy.
The Financial Consumer Protection Framework (the Framework), introduced in 2022, was a milestone in consumer protection in Canada and includes more than 60 new and enhanced consumer protection measures.
A consumer can escalate their complaint to the Ombudsman for Banking Services and Investments if the complaint is not resolved by the bank to the consumer's satisfaction or if 56 days have passed since the consumer's complaint was first communicated to their bank.
For its review of the implementation of the complaints handling requirements under the Framework, FCAC selected 6 small and medium-sized banks that provided a representative sample of size, business models and regional presence.
FCAC's report in 2020 on the complaint-handling procedures of banks informed the new and enhanced measures introduced under the Framework.
FCAC's Consumer Information Centre responds to enquiries and provides information to consumers of financial products and services. If a consumer has a problem with a bank, they must file a complaint with them directly.
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