Consultation on FCAC’s proposed Guideline on Appropriate Products and Services for Banks and Authorized Foreign Banks
Current status: Closed
This consultation closed on January 6, 2022.
This was the second in a series of consultations on guidelines that FCAC has developed to help banks comply with their new obligations in the Bank Act and the new Financial Consumer Protection Framework Regulations, which will come into force on June 30, 2022.
About the consultation
The Financial Consumer Agency of Canada (FCAC) invited comments on a proposed Guideline on Appropriate Products and Services for Banks and Authorized Foreign Banks (Guideline).
The Guideline sets out clear principles and expectations that Banks should use when establishing and implementing their policies and procedures to ensure they offer or sell products and services that are appropriate for their consumers, having regard to their circumstances, including their financial needs.
FCAC considered all comments received and modified the proposed Guideline, where appropriate. The Guideline on Appropriate Products and Services for Banks and Authorized Foreign Banks was published on February 24, 2022.
What we heard
- Part XII.2 of the Bank Act (not yet in force)
- Financial Consumer Protection Framework Regulations (not yet in force)
Financial Consumer Agency of Canada
Supervision and Enforcement Branch
427 Laurier Avenue West, 6th floor
Ottawa, ON K1R 1B9
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