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Cision Canada
31-07-2025
- Business
- Cision Canada
FCAC calls on banks to improve handling of consumer complaints Français
OTTAWA, ON, /CNW/ - Today, the Financial Consumer Agency of Canada (FCAC) published the findings of a report on the complaint-handling procedures of small and medium-sized banks in its Supervisory Highlight: Thematic Review on Complaint Handling. 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.
Cision Canada
05-06-2025
- Business
- Cision Canada
Canadians to benefit from enhanced free and low-cost bank accounts later this year Français
OTTAWA, ON, June 5, 2025 /CNW/ - Thirteen federally regulated financial institutions, including Canada's 6 largest banks, have signed on to a modernized Commitment on Low-Cost and No-Cost Accounts. By December 1, 2025, Canadians will benefit from modernized no-cost and low-cost accounts costing no more than $4 per month. Going forward, under these accounts, Canadians will have access to 50% more debit transactions per month, including widely used transaction types such as electronic fund transfers (e.g. Interac e-Transfers®). More groups will also be eligible for an account costing $0 per month, including newcomers to Canada in their first year, plus at least one of the following groups, to be selected by each signatory: Indigenous peoples Canadians receiving social assistance payments from select provincial or territorial programs individuals with a valid Disability Tax Credit Certificate and/or their supporting family member Financial institutions that have signed on to the Commitment will prominently display information about the availability of low-cost and no-cost accounts in-branch and online, and will train staff about these account options. Canadians can currently get low-cost and no-cost accounts from nine signatories under the original 2014 Low-cost and No-cost Accounts Commitment. The Financial Consumer Agency of Canda (FCAC) will monitor the implementation of the modernized Commitment by signatories and will supervise their compliance with all its obligations. In Budget 2024, the government announced its intention to secure a new commitment from financial institutions for enhanced free and affordable bank accounts, recognizing that Canadians' banking needs have changed with the increase in online banking. Quotes "Every Canadian deserves access to affordable, modern banking. That's why we worked with the FCAC to strengthen the commitment by financial institutions on free and low-cost bank accounts – more transactions, fewer fees and better access. This is a clear step toward fairer, lower-cost banking for all." The Honourable François-Philippe Champagne, Minister of Finance and National Revenue "The Financial Consumer Agency of Canada puts the rights and interests of Canadians first. I am pleased that more Canadians will benefit from modern and affordable bank account options that include more transactions, offered by more financial institutions, to more groups. Having 13 signatories commit to offering modernized low-cost and no-cost accounts is good news for financial consumers. I encourage other financial institutions to join the Commitment and extend these benefits to even more Canadians." Shereen Benzvy Miller, Commissioner, Financial Consumer Agency of Canada Quick facts The Financial Consumer Agency of Canada's (FCAC) mandate is to supervise the compliance of federally regulated financial entities, including banks, with their legislative obligations, codes of conduct and public commitments and to strengthen the financial literacy of Canadians. The following federally regulated financial institutions have signed on to the modernized Commitment so far: Alterna Bank BMO CIBC Hana Bank Canada ICICI Bank Industrial Commercial Bank of China Innovation Federal Credit Union Laurentian Bank National Bank Royal Bank of Canada Scotiabank Tangerine Bank TD Bank FCAC supported the development of the modernized Commitment based on research and consultations with Canadians, stakeholders and industry. This work underlined the need to update the Commitment to reflect consumers' evolving banking needs and to support financially vulnerable Canadians, while recognizing the importance of innovation and competition in the financial marketplace. FCAC encourages Canadians to shop around for banking products and services that meet their needs. FCAC provides useful and unbiased resources to help consumers make informed financial decisions, including a Bank Account Comparison Tool and information about:
Yahoo
05-06-2025
- Business
- Yahoo
Canadians to benefit from enhanced free and low-cost bank accounts later this year
OTTAWA, ON, June 5, 2025 /CNW/ - Thirteen federally regulated financial institutions, including Canada's 6 largest banks, have signed on to a modernized Commitment on Low-Cost and No-Cost Accounts. By December 1, 2025, Canadians will benefit from modernized no-cost and low-cost accounts costing no more than $4 per month. Going forward, under these accounts, Canadians will have access to 50% more debit transactions per month, including widely used transaction types such as electronic fund transfers (e.g. Interac e-Transfers®). More groups will also be eligible for an account costing $0 per month, including newcomers to Canada in their first year, plus at least one of the following groups, to be selected by each signatory: Indigenous peoples Canadians receiving social assistance payments from select provincial or territorial programs individuals with a valid Disability Tax Credit Certificate and/or their supporting family member Financial institutions that have signed on to the Commitment will prominently display information about the availability of low-cost and no-cost accounts in-branch and online, and will train staff about these account options. Canadians can currently get low-cost and no-cost accounts from nine signatories under the original 2014 Low-cost and No-cost Accounts Commitment. The Financial Consumer Agency of Canda (FCAC) will monitor the implementation of the modernized Commitment by signatories and will supervise their compliance with all its obligations. In Budget 2024, the government announced its intention to secure a new commitment from financial institutions for enhanced free and affordable bank accounts, recognizing that Canadians' banking needs have changed with the increase in online banking. Quotes "Every Canadian deserves access to affordable, modern banking. That's why we worked with the FCAC to strengthen the commitment by financial institutions on free and low-cost bank accounts – more transactions, fewer fees and better access. This is a clear step toward fairer, lower-cost banking for all." The Honourable François-Philippe Champagne, Minister of Finance and National Revenue "The Financial Consumer Agency of Canada puts the rights and interests of Canadians first. I am pleased that more Canadians will benefit from modern and affordable bank account options that include more transactions, offered by more financial institutions, to more groups. Having 13 signatories commit to offering modernized low-cost and no-cost accounts is good news for financial consumers. I encourage other financial institutions to join the Commitment and extend these benefits to even more Canadians." Shereen Benzvy Miller, Commissioner, Financial Consumer Agency of Canada Quick facts The Financial Consumer Agency of Canada's (FCAC) mandate is to supervise the compliance of federally regulated financial entities, including banks, with their legislative obligations, codes of conduct and public commitments and to strengthen the financial literacy of Canadians. The following federally regulated financial institutions have signed on to the modernized Commitment so far: Alterna Bank BMO CIBC Hana Bank Canada ICICI Bank Industrial Commercial Bank of China Innovation Federal Credit Union Laurentian Bank National Bank Royal Bank of Canada Scotiabank Tangerine Bank TD Bank FCAC supported the development of the modernized Commitment based on research and consultations with Canadians, stakeholders and industry. This work underlined the need to update the Commitment to reflect consumers' evolving banking needs and to support financially vulnerable Canadians, while recognizing the importance of innovation and competition in the financial marketplace. FCAC encourages Canadians to shop around for banking products and services that meet their needs. FCAC provides useful and unbiased resources to help consumers make informed financial decisions, including a Bank Account Comparison Tool and information about: low-cost and no-cost accounts choosing financial products and services transferring products or services to another financial institution choosing a financial institution Associated links The modernized Commitment on Low-Cost and No-Cost Accounts 2014 Commitment on low-cost and no-cost accounts Search for related information by keyword: Finance | Personal finance | Financial Consumer Agency of Canada | Canada | Money and finances | general public | news releases SOURCE Financial Consumer Agency of Canada View original content: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
