Bulletins
Bulletins clarify the Financial Consumer Agency of Canada’s (FCAC) position on different issues relating to compliance, including on the proper application or interpretation of the legislation, regulations, codes of conduct or guidelines. Bulletins are not generally issued to address entity specific circumstances and facts. Regulated entities are expected to consider the relevance of bulletins to their own particular circumstances and to take action as appropriate.
Notices: Financial Consumer Protection Framework
Updates to the Code of Conduct for the Payment Card Industry in Canada
Financial Consumer Protection Framework
The new Financial Consumer Protection Framework (FCPF) in the Bank Act and the Financial Consumer Protection Framework Regulations (collectively: “FCPF Requirements”) come into force on June 30, 2022. The FCPF Requirements apply to banks, authorized foreign banks and federal credit unions. Certain bulletins will be reviewed, including for purposes of reflecting the FCPF Requirements, and will be reissued in due course as is appropriate. Starting June 30, 2022, the affected bulletins are to be read by banks, authorized foreign banks and federal credit unions in conjunction with, and subject to, the FCPF Requirements. If there is any inconsistency between the FCPF Requirements and the below bulletins relating to banks, authorized foreign banks and federal credit unions and their conduct post June 30, 2022, the FCPF Requirements prevail.
Updates to the Code of Conduct for the Payment Card Industry in Canada
The Code of Conduct for the Payment Card Industry in Canada (the Code) that applies to credit and debit card networks and their participants, previously, the Code of Conduct for the Credit and Debit Card Industry in Canada, has been revised. Most elements of the Code take effect on October 30, 2024. The balance of elements will come into force on April 30, 2025. FCAC is in the process of reviewing bulletins to reflect the revisions. Please refer to the individual bulletin page for further information. If there is any inconsistency between the requirements in the Code and those in the bulletins below, requirements in the Code will prevail.
- Information box examples for the Financial Consumer Protection Framework Regulations, the Cost of Borrowing Regulations and the Prepaid Payment Products Regulations
- Access to basic banking services: refusal to open a retail deposit account on the basis that it will be used for illegal or fraudulent purposes
- Access to basic banking services: opening a retail deposit account
- B-7 Role of payment card network operators in ensuring participant compliance with the Code of Conduct for the Credit and Debit Card Industry in Canada
- B-6 Investigations of unauthorized credit and debit card transactions
- B-5 Consent for new products or services
Achived bulletins
- B-8 Simultaneous provisioning and removal in mobile wallets of co-badged debit cards
- B-4 Contactless payments – Element 10 of the Credit and Debit Card Code
- B-3 Magnetic secure transmission (MST) – Credit and Debit Card Code
- B-2 Debit card representation in mobile wallets and devices – Credit and Debit Card Code
- B-1 Application of the credit and debit card code to online debit transactions
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