Recently, PIAC commented on the Consultation on Financial Consumer Agency of Canada’s (FCAC) Proposed Guideline on Complaint-Handling Procedures for Banks and Authorized Foreign Banks. The proposed Guideline sets out FCAC’s expectations with respect to banks and authorized foreign banks’ implementation of, and compliance with, the new complaint-handling provisions in the Bank Act and the Financial Consumer Protection Framework Regulations (FCPF), which will come into force June 30, 2022.

In our comments, PIAC supported the FCAC’s inclusion of expectations regarding systemic issues and redress and reimbursement policies not found in CG-12, the existing guidance for Federally Regulated Financial Institutions (FRFIs) including banks. However, PIAC recommended the FCAC use stronger language to describe these new expectations and include more explicit references to the above noted FCPF consumer protections.