How FCAC oversees your bank’s complaint-handling process
Learn about what the Financial Consumer Agency of Canada (FCAC) does to oversee this process. Learn how complaint handling works for federally regulated financial institutions, like banks.
Key information
If you have a problem with a bank, you should file a complaint with them directly. The Financial Consumer Agency of Canada (FCAC) does not resolve individual complaints. FCAC can help you understand a bank’s complaint process and guide you through the steps.
What is FCAC’s role
The Financial Consumer Agency of Canada (FCAC) supervises federally regulated financial entities. These entities include banks and federally regulated trust, loan and insurance companies.
FCAC oversees their compliance with federal consumer protection laws. This includes their complaint-handling obligations. Federally regulated institutions must have an effective and timely complaint-handling process for consumers.
As part of this process, you may be able to escalate your complaint to the Ombudsman for Banking Services and Investments (OBSI). OBSI can provide a free and impartial review of your complaint.
Learn more about FCAC’s raison d’être and mandate.
FCAC’s Consumer Information Centre
The Consumer Information Centre gives information to:
- consumers of financial products and services
- merchants
You can contact them if you have questions about FCAC or a bank’s complaint process. The information Centre agents can also explain your rights when you’re dealing with a bank.
Learn more about FCAC’s Consumer Information Centre.
What information is reported to FCAC by federally regulated entities
Federally regulated entities, like banks, must share certain information with FCAC. This includes their complaint process.
They must also report to FCAC on:
- consumer complaints
- compliance issues
FCAC uses this information to supervise financial institutions.
How FCAC reports on the information it receives
FCAC reports to Parliament on the number and types of complaints reported by federally regulated entities.
It also reports on how these entities meet their obligations to consumers. You can find this information in FCAC’s annual reports.