Publishing principles for FCAC Decisions

From: Financial Consumer Agency of Canada

Version currently in effect

The revised Publishing Principles for FCAC Decisions will be published at a later date.

Previously, the Financial Consumer Agency of Canada (FCAC) published condensed summaries of the FCAC’s Reasons for Decision on its website. As of August 2008, the Agency publishes these decisions in their original form, with minimal revisions as required.

This change in practice provides the financial industry with more detailed and timely information on decisions and enables federally regulated entities (RE) to take appropriate actions to assess their own internal processes. Ultimately, the updated format assists regulated entities in carrying out internal work to further enhance compliance with the consumer provisions.

FCAC publishes FCAC Decisions according to the following principles:

  1. It is essential to preserve the factual circumstances and the legal requirements that feature in a decision. For reasons of transparency, completeness and clarity, decisions are only edited when necessary. To the extent they are cited in a decision, the written submissions of a financial institution are not revised or paraphrased except when necessary.
  2. To protect the privacy of customers of financial institutions, decisions refer to them as “consumers” or in a similar fashion that does not reveal their identity.
    Other information may be revised if necessary to protect customers’ privacy. Dates include only the month and year. FCAC file numbers are not included.
  3. To protect the identity and confidential information of financial institutions, FCAC omits their name (referring instead to “the bank,” or “the insurance company,” etc.) and any other information (such as a particular product name, charge, interest rate, or language specific to the financial institution) that might allow readers to identify the financial institution. Confidential information includes information that is specific to the financial institution such as information concerning its internal affairs, proprietary information, or information which could affect the competitive position of the financial institution if disclosed.
    Deletions are indicated by: [text omitted]. Replacement language is not indicated, such as the terms used to refer to customers and financial institutions and their products, and changes required for grammatical reasons due to revisions. When substantial replacement language is needed, it is enclosed in square brackets: [ ].
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