Decision #37815-497Q203

From: Financial Consumer Agency of Canada

File: 37815-497Q203

Compliance issue

Disclosure of Charges — Failure to display and make available copies of a statement of applicable charges at each branch
Trust and Loan Companies Act, s. 432
Disclosure of Charges (Trust and Loan Companies) Regulations, s. 5(1)

A trust company failed to display notices of its charges at nine of its branches as required by the Regulations.

Section 5(1) of the Disclosure of Charges (Trust and Loan Companies) Regulations provides that a company must disclose to its customers and to the public applicable charges by means of a written statement, copies of which are displayed and available to customers and to the public at each branch of the company at which deposit accounts, other than personal deposit accounts, are kept.

Compliance measure(s) taken

Letter of ReprimandFootnote 1  noting nine violations against the trust company.

Compliance considerations

The complaint was self-reported to the Financial Consumer Agency of Canada (FCAC). Since the trust company did not provide many retail services through its branches, not very many customers visited the branches. The branches functioned as support locations that serviced corporate entities. The statement was available on their website. There were no previous violations noted against the trust company.

Corrective measures taken by financial institution

  • Took measures to display its statement of fees/charges at each location where the trust company had offices.
  • Reviewed its internal processes for making the disclosure statements available.
  • Put in place processes to ensure timely updates to the statement of fees and charges to ensure ongoing compliance with the Regulations.


By ensuring that trust companies display and make available a statement of charges, consumers receive clear, concise information concerning the charges on their deposit accounts. Informed consumers are in a better position to choose the financial institution and financial product or service that best suits their needs and banking habits. Facilitating comparison-shopping encourages healthy competition between financial institutions and promotes growth and innovation in the marketplace.

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