How FCAC oversees your bank’s complaint-handling process
Key information for you
If you have a problem with your bank (or other federally regulated financial entity), you’ll need to file a complaint with them directly. FCAC cannot resolve your complaint, but it can help you understand your bank’s complaint process and guide you through the steps.
If you have a problem with your bank (or other federally regulated entity), you’ll need to file a complaint with them directly.
What is FCAC’s role
As part of its mandate, the Financial Consumer Agency of Canada (FCAC) supervises federally regulated entities. These entities include banks and federally regulated trust, loan and insurance companies. FCAC oversees their compliance with federal consumer protection laws, including their complaint-handling obligations.
Federally regulated financial institutions, such as banks, are required to provide consumers with an effective and timely complaint-handling process.
As part of this process, you can escalate your complaint to the Ombudsman for Banking Services and Investments (OBSI) if it’s not resolved to your satisfaction. OBSI can provide a free and impartial review of your complaint.
Learn more about FCAC’s raison d’être and mandate.
What is the role of FCAC’s Consumer Information Centre
The Consumer Information Centre provides information to consumers of financial products and services and to merchants.
If you have a question about FCAC or your bank’s complaint-handling process, you may contact them for information. The Consumer Information Centre can provide you with information on your rights when dealing with your bank. While FCAC can explain your bank’s complaint-handling process, it does not resolve individual complaints.
Learn more about FCAC’s Consumer Information Centre.
Contact the Financial Consumer Agency of Canada.
What information is reported to FCAC by federally regulated entities
Federally regulated entities, like banks, must file specific information with FCAC. This includes their complaint-handling procedures. They must also report information to FCAC on consumer complaints and compliance issues. Information received from these entities informs FCAC’s supervision activities.
How FCAC reports on the information it receives from federally regulated entities
FCAC reports to Parliament on the number and types of complaints it receives from federally regulated entities. It also reports on the performance of federally regulated entities in meeting their obligations to consumers. This information is available in FCAC’s annual reports.