Decision #61493-87Q402

File: 61493-87Q402

Commissioner’s Decision 

Compliance issue

Complaint handling procedures — Failure to file complaint handling procedures with Commissioner
Bank Act, ss. 157(2)(f), 455(2)

A foreign bank failed to file a copy of its complaint handling procedures with the Commissioner as required by the Act.

Section 455(2) of the Bank Act provides that banks shall establish procedures for dealing with complaints made by persons having requested or received products or services in Canada. They must also designate an officer or employee to be responsible for implementing those procedures and to receive and deal with those complaints. These procedures must be filed with the Commissioner. 

Compliance measure(s) taken

A Letter of Reprimand^{Footnote 1}  noting one violation against the bank. 

Compliance considerations

The bank was given numerous requests to file its complaint procedures before they filed. There were no previous violations noted against the bank. 

Corrective measures taken by financial institution

• The bank filed its complaint handling procedures. 

Outcomes

Complaint handling procedures increase a bank’s accountability to its customers by providing consumers with a consistent process for resolving any concerns and/or complaints they may have. Having this process in place also benefits the bank by providing a system-wide ongoing analysis of any potential quality control issues that may need to be addressed internally and that may be detracting from customer satisfaction and business in general.