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External complaints body reportable complaints aggregate report guide

Guideline only            

This is a guide only. For greater certainty, please refer to the Bank Act and  the relevant regulations.  

Consumer provisions

Reputation
classification
Examples
Section of the Bank Act
Reputation
Good character and integrity Failure to maintain a reputation for being operated in a manner that is consistent with the standards of good character and integrity Bank Act 627.49(a)
services
classification
Examples
Section of the Bank Act
Availability
  • Failure to make its services available across Canada.
  • Failure to make its services available in both official languages free of charge.
 Bank Act 627.49(b)
Membership
classification
Examples
Section of the Bank Act
Acceptance Failure to accept as a member any bank that makes a request for membership. FCPF Regulations 16(a)
Complaint procedures
classification
Examples
Section of the Bank Act
Impartiality and independence Failure to ensure that anyone who acts on its behalf in connection with a complaint is impartial and idependent of the parties to the complaint. Bank Act 627.49(g)
Written notification that complaint is outside TOR Failure to provide written reasons that a complaint is outside its TORs and to do so within the specified timeframe. Bank Act 627.49(e)
Inform and assist
  • Failure to inform the parties to a complaint about the TORs.
  • ilure to provide the necessary assistance to help the parties understand the TORs and procedures.
 FCPF Regulations 16(d)
Relevance Failure to deal with a complaint in a manner that affects only the parties to it. FCPF Regulations 16(e)
Final recommendation Failure to provide final written recommendation no later than 120 days after the information needed to deal with the complaint is received. Bank Act 627.49(h)
Monitoring and Review (Accountability)
classification
Examples
Section of the Bank Act
Consultations Failure to consult with members and/or complainants at least once a year. Bank Act 627.49(c)
Reporting to FCAC Within noted timeframe:
  • Failure to report a potential systemic issue to the Commissioner.
  • Failure to inform the Commissioner in writing of a case in which an institution does not comply with a final recommendation.
  • Failure to submit to the Commissioner information on all investigations completed during the quarter.
  • Failure to submit an annual report to the Commissioner.
 Bank Act 627.49(d), (h.1), (i.1), (j)
Meeting with the Commissioner
  • Failure to meet with the Commissioner within 60 days after the end of each quarter to discuss, among other things, complaints, operations and market trends and issues with the potential to impact consumers.
  • Failure to meet with the Commissioner annually.
 Bank Act 627.49 (i.2), (j.1)
Public reporting Within the noted timeframe:
  • Failure to make the annual report available to the public.
  • Failure to inform the public about its constitution, governance and membership.
  • Failure to make its TORs available to the public.
  • Failure to make information on all sources of funding available to the public.
  • Failure to publish the results of evaluations.
  • Failure to make final recommendations available on its website free of charge.
 Bank Act 627.49 (c.2), (k), (i)
Evaluation Failure to submit every five years to a performance evaluation by the Commissioner or an independent third party. Bank Act 627.49(l)
Clear language Failure to provide information in language that is clear, simple, and not misleading. Bank Act 627.53

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From:

2025-09-24