Consultation on FCAC’s proposed Guideline on Whistleblowing Policies and Procedures for Banks and Authorized Foreign Banks
Current status: Closed
This consultation closed on January 29, 2022.
This was the third 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 Whistleblowing Policies and Procedures for Banks and Authorized Banks (Guideline).
The Guideline sets out clear principles and expectations that Banks should use when developing their employee whistleblowing policies and procedures to ensure that they are effective, easy to access, understand and use, and that they protect employees who report wrongdoings from retaliation and keep their identity confidential.
FCAC considered all comments received and modified the proposed Guideline, where appropriate. The Guideline on Whistleblowing Procedures for Banks and Authorized Foreign Banks was published on March 18, 2022.
What we heard
- Part XVI.1 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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