Financial Consumer Agency of Canada’s Whistleblower Program for Employees of Federally Regulated Banks
Understanding the whistleblowing provisions in the Bank Act
The whistleblowing provisions in the Bank Act enable employees of a federally regulated bank, a federal credit union, or an authorized foreign bank (collectively referred to here as banks) to file a report if they have reasonable grounds to believe that the bank has committed or intends to commit a wrongdoing.
“Wrongdoing” means a breach of a bank’s financial consumer protection obligations (also known as market conduct obligations) as set out in applicable legislation, regulations, codes of conduct and public commitments, as well as related policies and procedures established by the bank.
A bank employee may report a wrongdoing to one or more of the following:
- the bank
- a government agency or body that regulates or supervises banks
- a law enforcement agency
Banks must have policies and procedures in place for dealing with wrongdoings reported by an employee, and must keep the identity of the employee confidential.
Additionally, banks must not take retaliatory action against employees who report a wrongdoing or refuse to engage in a wrongdoing.
FCAC’s Whistleblower Program for bank employees
Bank employees who wish to report a bank’s wrongdoing can submit a whistleblower report using FCAC’s standardized Whistleblower Report Form.
The Form guides the whistleblower through the process of providing FCAC with information relevant to FCAC’s supervision and enforcement of the compliance of the banking sector with financial consumer protection obligations.
FCAC may share information included in a whistleblower report with other government organizations that regulate or supervise banks, or with a law enforcement agency, if it is determined that the information is relevant to those organizations’ responsibilities and mandates.
FCAC’s supervision and enforcement of banks’ compliance with their financial consumer protection obligations is outlined in FCAC’s Supervision Framework. Please note that FCAC does not comment on ongoing supervisory activities. However, FCAC does publish its conclusions on the compliance of federally regulated financial institutions with market conduct obligations in its annual reports and other publications on its website.
Confidentiality
FCAC must keep confidential the identity of any whistleblower who submits a Whistleblower Report Form, and any information that could reasonably be expected to reveal their identity. In some cases, FCAC may disclose this information to law enforcement or other regulators that oversee banks if it is necessary for purposes related to an investigation. In these situations, FCAC will make every reasonable effort to inform the whistleblower that their identity has been disclosed.
What to consider before reporting a wrongdoing to FCAC
FCAC’s Whistleblower Report Form is intended to be completed by bank employees. Before you submit a report to FCAC, you must have reasonable grounds to believe that the bank has committed or intends to commit a wrongdoing in relation to its financial consumer protection obligations. In general, having reasonable grounds means that there is some reliable or credible information about the wrongdoing.
FCAC is not authorized to provide for a bank employee’s reinstatement or other such remedies. FCAC’s role is to receive and assess whistleblower reports for purposes related to its supervision and enforcement of banks’ compliance with financial consumer protection obligations.
If you are not a bank employee or if you have questions that fall outside this program, please contact FCAC’s Consumer Information Centre. FCAC does not resolve individual complaints, but the Consumer Information Centre can help you understand your bank’s complaint process.
Information to submit
When you report a wrongdoing, the information in the Form you submit should identify as much relevant information as possible about:
- bank policies or procedures
- provisions of the Bank Act or its regulations
- codes of conduct or public commitments
You should include, if possible, details about:
- the individuals, groups or departments involved
- what happened or may happen
- when the wrongdoing occurred or may occur, including whether it is ongoing
Please don’t include any documents with your form. FCAC will contact you if additional information or documents are needed.
Contact information
You can decide how much personal information to provide. FCAC will accept reports with no or partial contact information.
Please note, however, that if you submit a report without contact information, FCAC won't be able to contact you.
Submit a report to FCAC
Complete the Whistleblower Report Form online. Please provide as much detail as possible.
It takes approximately 30 minutes to complete the Form.
For security purposes, your session will time out after 30 minutes of inactivity, and any information you have entered up to that point won't be saved.
Complete the Whistleblower Report Form online.
You can also submit a report by mail by printing out the Whistleblower Report Form (PDF, 169 KB) and mailing the completed form to:
Financial Consumer Agency of Canada
Enforcement Division
427 Laurier Avenue West, 5th Floor–Reception
Ottawa, Ontario K1R 7Y2
After you submit a report
You will get a confirmation of receipt after you submit the Form. It will include an identification number that is specific to your report.
FCAC will review your report and may contact you to gather further information.
Note that if you submit a report by mail without any contact information, FCAC won't be able to provide a confirmation of receipt or contact you for additional information.
Providing additional information
If you have already submitted a Whistleblower Report Form and you want to provide additional information, use the Supplementary Whistleblower Report Form. Please include the identification number specific to your initial report.
Complete the Supplementary Whistleblower Report Form online.
You can also submit a supplementary report by mail by printing out the Supplementary Whistleblower Report Form (PDF, 144 KB) and mailing the completed form to:
Financial Consumer Agency of Canada
Enforcement Division
427 Laurier Avenue West, 5th Floor–Reception
Ottawa, Ontario K1R 7Y2
As with your initial Whistleblower Report Form, please don't include any documents with your Supplementary Whistleblower Report Form. FCAC will contact you if additional information or documents are needed.