Reportable complaints aggregate report guide for consumer provisions

Guideline only

For greater certainty please refer to the Bank Act, Trust and Loan Companies Act, the Cooperative Credit Associations Act, the Insurance Companies Act and relevant Regulations pertaining to these Acts. This is a guideline. The examples provided are suggestions only.

Consumer provisions

Abbreviations used in this guide:

Account
Classification Examples Section of the Act
Agreement and Complaint Procedures Failure to provide a copy of the account agreement and complaint procedures 445, 564 BA; 431 TLCA; 385.1 CCAA.
Failure to provide disclosure when opening a 2nd account by telephone 445, 564 BA; 431 TLCA; 385.1 CCAA; Disclosure on Account Opening by Telephone Request (Banks) Regs.
Disclosure of Charges Failure to disclose, in prescribed manner and time, charges for deposit account and for services normally provided to customers and the public 446, 565 BA; 432 TLCA; 385.11 CCAA; Disclosure of Charges Regulations.
Failure to provide advance notice to customers of any new or increase in charges to personal deposit account.
Failure to provide advance notice for services on deposit accounts.
447, 566 BA; 433 TLCA; 385.12 CCAA; S. 4 Disclosure of Charges Regulations.
Failure to waive fees after 2nd deposit account (opened by telephone) is closed within 14 days of opening 445, 564 BA; 431 TLCA; 385.1 CCAA; Disclosure on Account Opening by Telephone Request (Banks) Regs.
Failure to provide information on how customers will be notified of increases to fees or addition of new fees 445, 564 BA; 431 TLCA; 385.1 CCAA.
Failure to provide information on all account charges 445, 564 BA; 431 TLCA; 385.1 CCAA.
Failure to have express agreement with customer regarding fees charged on accounts 440, 559 BA; 426 TLCA; 385.06 CCAA.
Electronic Documents Failure to comply with electronic documents as prescribed by Regulations 978(1), 993, 995, 996, 998, 1002 and 1003 BA; Electronic Documents Regulations.
Express Consent Failure to obtain the person’s express consent, either orally or in writing, prior to providing a person with a new primary financial or optional product or service. S. 3 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to provide the person without delay with confirmation in writing of their express consent for the new product or service, if the consent is provided orally.
Failure to provide information in language and presented in a manner that is clear, simple and not misleading.
General Failure to give prescribed information regarding insurance of deposit 413.1, 545 BA; Notice of Uninsured Deposits Regulations.
Interest Failure to disclose interest rate on deposit account in Canada and how interest is calculated when opening an account 441, 560 BA; 427 TLCA; 385.07 CCAA; Disclosure of Interest Regulations.
Failure to disclose in advertisement, in accordance with the Disclosure of Interest Regulations, the amount of interest to be calculated on a deposit account or debt obligation 442, 561 BA; 428 TLCA; 385.08 CCAA; S. 6 Disclosure of Interest Regulations.
Failure to disclose a change in the rate of interest or manner of calculating the amount of interest 441, 560 BA; 427 TLCA; 385.07 CCAA; S. 4 of Disclosure of Interest Regulations.
Optional Product and Service Failure to provide, without delay, a refund or a credit to the person with the amount of any charges paid by the person for any part of the product or service that is unused as of the day the cancellation takes effect, as calculated in accordance to the formula as prescribed by Regulations. S. 9 Negative Option Billing Regulations; TLCA, ICA, CCAA.
Failure to disclose in language and presented in a manner that is clear, simple and not misleading. S. 4 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to provide, orally or in writing, an initial disclosure statement that contains information as prescribed by Regulations. S. 5 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to provide subsequent disclosure statement containing all relevant information about the product or service as prescribed by Regulations. S. 6 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to provide information on cancelling the product or service. S. 7 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to disclose, in writing, not less than 30 days before the day on which the changes take effect, any changes to the terms and conditions that apply in respect of an agreement for an optional product or service S. 8 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to disclose, in a subsequent disclosure statement, if person agrees to a promotional, preferential, introductory or special offer for an optional product or service as prescribed.
Refusal to Open - General Refusal to open retail deposit account if no initial deposit or minimum balance maintained 448.1 BA.
Refusal to open retail deposit account for bankruptcy reasons 448.1 BA; S. 3(2) ABBS Regs.
Refusal to open a retail deposit account 448.1 BA; ABBS Regs.
Failure to display & make available information on Access to Basic Banking 448.1 BA; S. 13 ABBS Regs.
  Information missing from written notice 448.1 BA; S. 5 ABBS Regs.
No notice of refusal to open provided 448.1 BA;

S. 5 ABBS Regs.

Branch closure
Classification Examples Section of the Act
General Failure to provide notice to customers and public 459.2 BA; 444.1 TLCA; 385.27 CCAA; Notice of Branch Closure Regulations.
Cheques
Classification Examples Section of the Act
Availability of first $100 Failure make the first $100 of all funds deposited by a cheque or other instrument on any one day to a retail deposit account available for withdrawal:
  • immediately, if it is deposited in person with an employee at one of the institution’s branches or points of service; and
  • on the business day following the day of the deposit, if it is deposited in any other manner.
S. 4 Access to Funds Regulations; BA, TLCA, CCAA.
Information missing from written notice S. 6(2) Access to Funds Regulations; BA, TLCA, CCAA.
No notice of refusal provided
Federal – Fee to Cash Failure to cash a federal government cheque free of charge 458(4), 575(4) BA; 443(4) TLCA; 385.25(4) CCAA.
Federal – Refusal to cash Failure to cash federal government cheque (under $1,500) 458.1 BA; ABBS Regs.
Information missing from written notice 458.1 BA; S. 10 ABBS Regs.
No notice of refusal to cash provided 458.1 BA; S. 14 ABBS Regs.
Failure to display and make available information concerning cashing federal government cheques 458.1 BA; S. 14 ABBS Regs.
Holds Failure to disclose in writing to any person who opens a retail deposit account to which they may deposit cheques, the information as prescribed in Regulations S. 7 Access to Funds Regulations; BA, TLCA, CCAA.
Failure to disclose the information referred to in section 7 to its customers and to the public by means of a written notice, copies of which must be displayed and made available at each of the institution’s branches where personal deposit accounts are offered, at each of the institution’s points of service and on each of the institution’s websites through which it offers products and services in Canada. S. 8 Access to Funds Regulations; BA, TLCA, CCAA.
Failure to make available for withdrawal any funds deposited by cheque to a retail deposit account or to a deposit account held by an eligible enterprise as prescribed in Regulations. S. 3 Access to Funds Regulations; BA, TLCA, CCAA.
Failure to disclose any change that is made to the information referred to in section 7 as prescribed in Regulations. S. 9 Access to Funds Regulations; BA, TLCA, CCAA.
Information missing from written notice S. 6(2) Access to Funds Regulations; BA, TLCA, CCAA.
No notice of refusal provided
Coercive tied selling
Classification Examples Section of the Act
General Refusal of a product or service from the bank or any of its affiliates as a condition of obtaining another product or service 459.1, 576.1 BA.
A bank shall disclose the prohibition on coercive tied selling set out in subsection (1) in a statement in plain language that is clear and concise, displayed and available to customers and the public at all of its branches where products or services are offered in Canada, on all of its websites through which products or services are offered in Canada and at all prescribed points of service in Canada. 459.1(4.1), 576.1(4.1) BA.
Complaint procedures
Classification Examples Section of the Act
General Failure to designate a committee of the board to monitor the procedures referred to in paragraph (e) and satisfy itself that they are being adhered to by the FRFI. 157(2)(f) BA; 161(2)(f) TLCA; 167(2)(g) CCAA; 165(2)(g) ICA.
Failure to designate an officer or employee to be responsible for implementing procedures and designate one or more officers or employees to receive and deal with those complaints 455, 573 BA; 441 TLCA; 385.22 CCAA; 486, 604 ICA.
Make their complaints handling procedures (CHP) available in the following manner:
  • In a brochure available in branches where products and services are offered in Canada
  • On websites where products and services are offered in Canada
  • In written format to be sent to any person who requests them
455, 573 BA; 441 TLCA; 385.22 CCAA; 486, 604 ICA.
Failure to have procedures in place 455, 573 BA; 441 TLCA; 385.22 CCAA; 486, 604 ICA.
Failure to file or include required elements in complaint handling procedures 455, 573; 456, 574 BA; 441, 442 TLCA; 385.22, 385.24 CCAA; 486, 604; 487, 605 ICA.
Failure to inform customers with consumer provision complaints how to reach the FCAC 456, 574 BA; 442 TLCA; 385.24 CCAA; 487, 605 ICA.
Failure to be member of 3rd party dispute resolution body 455.1(2), 573.1 BA; 441.1 TLCA; 385.23 CCAA; 486.1, 604.1 ICA.
Compliance of affiliate
Classification Examples Section of the Act
Compliance of Affiliate Affiliate to comply with:
  • sections 449-455, and
  • subsection 451(1) & (3) & 459.1 of Bank Act
459.5 Bank Act.
Credit card
Classification Examples Section of the Act
Allocation of payment Failure to allocate payments as prescribed in Regulations s. 4 Credit Business Practices Regs; BA, TLCA, ICA, CCAA.
Amendment Failure to disclose amendment to credit agreement 452, 570 BA; 438 TLCA; 385.18 CCAA; 482, 601 ICA; S. .12(3) COB Regs.
Application - General Failure to disclose information in application as required in Regulations 452, 570 BA; 438 TLCA; 385.18 CCAA; 482, 601 ICA; S. 11 COB Regs.
Application – information box Failure to disclose information box and content as prescribed S. 6 COB Regs; BA, TLCA, ICA, CCAA.
Credit limit Failure to obtain express consent prior to increasing the credit limit S. 6 Credit Business Practices Regs; BA, TLCA, ICA, CCAA.
Debt collection practices Failure to comply with debt collection practices as prescribed by Regulations S. 7 Credit Business Practices Regs; BA, TLCA, ICA, CCAA.
Electronic Documents Failure to comply with electronic documents as prescribed by Regulations 978(1), 993, 995, 996, 998, 1002 and 1003 BA; Electronic Documents Regulations.
Express Consent Failure to obtain the person’s express consent, either orally or in writing, prior to providing a person with a new primary financial or optional product or service. S. 3 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to provide the person without delay with confirmation in writing of their express consent for the new product or service, if the consent is provided orally.
Failure to provide information in language and presented in a manner that is clear, simple and not misleading.
General Failure to disclose required information when advertising. 453, 571 BA; 439 TLCA; 385.2 CCAA; 483, 601.2 ICA; S. 21 COB Regs.
Forced to maintain a minimum credit balance 458, 575 BA; 443 TLCA; 385.25 CCAA.
Disclosure statement or consent in relation to a disclosure statement must be in plain language that is clear and concise 450, 568 BA; 436 TLCA; 385.16 CCAA 480, 599 ICA; S. 6(4) COB Regs.
Denied opportunity to prepay money advanced or installment before due date 458(1), 575(1) BA; 443(1) TLCA; 385.25(1) CCAA; 488(1), 606(1) ICA.
Grace period Cannot require payment prior to 21 days after last day of billing cycle s. 3(2) Credit Business Practices Regs; BA, TLCA, ICA, CCAA.
Payment due on weekend or holiday must be accepted on the next business day as due date s. 3(2) Credit Business Practices Regs; BA, TLCA, ICA, CCAA.
Cannot charge interest on purchases or charges during a billing cycle until the date after the day on which payment is due in respect of the billing cycle S. 3(2) Credit Business Practices Regs; BA, TLCA, ICA, CCAA.
Initial disclosure – general Failure to disclose in the prescribed manner the cost of borrowing before loans that are repayable in Canada are made to a natural person 450, 452, 568, 570 BA; 436, 438 TLCA; 385.16, 385.18 CCAA; 480, 482, 599, 601 ICA.
Initial disclosure – Information box Failure to include information box and content as prescribed S. 6 COB Regs; BA, TLCA, ICA, CCAA.
Failure to present information in information box as prescribed (font/white space, etc.) 6 COB Regs; BA, TLCA, ICA, CCAA.
Multiple borrowers Failure to disclose to all borrowers an initial disclosure statement unless consented otherwise 12(5)(d) COB Regs; BA, TLCA, ICA, CCAA.
If consent oral, FRFI must without delay confirm to the borrower in writing.
Non-interest charges Failure to disclose amendment of non- interest charges 452, 570 BA; 438 TLCA; 385.18 CCAA; 482, 601 CA; S. 12(3) COB Regs.
Failure to disclose information on non interest charges when card was issued or when applying 450, 568 BA; 436 TLCA; 385.16 CCAA; 480, 599 ICA ; S. 12(1), 10(1)(c) and 11(1)(c)COB Regs.
Fee charged when credit limit surpassed due to hold on card s. 5(1) Credit Business Practices Regs.
Optional Product and Service Failure to provide, without delay, a refund or a credit to the person with the amount of any charges paid by the person for any part of the product or service that is unused as of the day the cancellation takes effect, as calculated in accordance to the formula as prescribed by Regulations. S. 9 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to disclose in language and presented in a manner that is clear, simple and not misleading. S. 4 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to provide, orally or in writing, an initial disclosure statement that contains information as prescribed by Regulations. S. 5 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to provide subsequent disclosure statement containing all relevant information about the product or service as prescribed by Regulations. S. 6 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to provide information on cancelling the product or service. S. 7 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to disclose, in writing, not less than 30 days before the day on which the changes take effect, any changes to the terms and conditions that apply in respect of an agreement for an optional product or service S. 8 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to disclose, in a subsequent disclosure statement, if person agrees to a promotional, preferential, introductory or special offer for an optional product or service as prescribed.
Information on all optional services including charges and how to cancel 450, 568 BA; 436 TLCA; 385.16 CCAA; 480, 599 ICA; s. 12(1), 10 (1)(i) and 16(1) COB Regs.
Rate Per Annum Failure to disclose cost of borrowing as rate per annum and calculated in the prescribed manner and circumstance. 451, 569 BA; 437 TLCA; 385.17 CCAA; 481, 600 ICA; 12(1)(a) COB Regs.
Statement - General Statement required at least once a month 450, 568 BA; 436 TLCA; 385.16 CCAA; 480, 599 ICA; S. 12(5) COB Regs.
Failure to disclose information in monthly statements as required by Regulations. 450, 568 BA; 436 TLCA; 385.16 CCAA; 480, 599 ICA; S. 12(5) COB Regs.
Itemized statement of account must permit verification of each transaction by linking to borrower’s transaction record 450, 568 BA; 436 TLCA; 385.16 CCAA; 480, 599 ICA; S. 12(6) COB Regs.
Failure to advise if interest rate will increase in next period circumstances why and what new rate is. 12(5)(d) COB Regs; BA, TLCA, ICA, CCAA.
Failure to provide statement not less than 21 days before the payment due date. S. 3(1) Credit Business Practices Regs; BA, TLCA, ICA, CCAA.
Statement – Estimate repay balance Failure to disclose an estimate of the length of time in years and month required to repay the outstanding balance S. 12(5)(d) COB Regs; BA, TLCA, ICA, CCAA.
Deposit Type Instrument
Classification Examples Section of the Act
Advertisements Failure to disclose in an advertisement:
  • how the public may obtain information about the instruments
  • the manner in which interest is to be accrued and any limitations in respect of the interest payable
  • if the instruments relate to deposits that are not eligible for deposit insurance coverage by the Canada Deposit Insurance Corporation
S. 8 Deposit Type Instrument Regs; BA, TLCA, CCCA.
Amendments Failure to disclose the amendment, and its potential impact on the interest payable, in writing to the person to whom the instrument was issued before making an amendment to any terms or conditions of a deposit type instrument. S. 5 Deposit Type Instrument Regs; BA, TLCA, CCCA.
Disclosure Failure to disclose information orally and in writing at or before the time an institution enters into an agreement for the issuance of a deposit type instrument. S. 3 Deposit Type Instrument Regs; BA, TLCA, CCCA.
Early redemption Failure to disclose to the person to whom the instrument was issued the amount of the principal and accrued interest, any penalty or charge for the redemption and the net amount payable by the institution on redemption, before the end of the investment period. S. 7 Deposit Type Instrument Regs; BA, TLCA, CCCA.
Electronic Documents Failure to comply with electronic documents as prescribed by Regulations 978(1), 993, 995, 996, 998, 1002 and 1003 BA, Electronic Documents Regulations.
Express Consent Failure to obtain the person’s express consent, either orally or in writing, prior to providing a person with a new primary financial or optional product or service. S. 3 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to provide the person without delay with confirmation in writing of their express consent for the new product or service, if the consent is provided orally.
Failure to provide information in language and presented in a manner that is clear, simple and not misleading.
General Failure to disclose required information as prescribed by Regulations S. 6 and 9 Deposit Type Instrument Regs; BA, TLCA, CCCA.
Knowledgeable person Failure to disclose the telephone number of a person who is knowledgeable about the terms and conditions of the instruments for agreements entered into by electronic means or by mail as prescribed by the Regulations. S. 3(3) Deposit Type Instrument Regs; BA, TLCA, CCCA.
Clear and simple language Failure to disclose in language and presented in a manner that is clear, simple and not misleading. S. 2 Deposit Type Instrument Regs; BA, TLCA, CCCA.
Optional Product and Service Failure to provide, without delay, a refund or a credit to the person with the amount of any charges paid by the person for any part of the product or service that is unused as of the day the cancellation takes effect, as calculated in accordance to the formula as prescribed by Regulations. S. 9 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to disclose in language and presented in a manner that is clear, simple and not misleading. S. 4 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to provide, orally or in writing, an initial disclosure statement that contains information as prescribed by Regulations. S. 5 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to provide subsequent disclosure statement containing all relevant information about the product or service as prescribed by Regulations. S. 6 Negative Option Billing Regulations, BA, TLCA, ICA, CCAA
Failure to provide information on cancelling the product or service. S. 7 Negative Option Billing Regulations, BA, TLCA, ICA, CCAA.
Failure to disclose, in writing, not less than 30 days before the day on which the changes take effect, any changes to the terms and conditions that apply in respect of an agreement for an optional product or service S. 8 Negative Option Billing Regulations, BA, TLCA, ICA, CCAA.
Failure to disclose, in a subsequent disclosure statement, if person agrees to a promotional, preferential, introductory or special offer for an optional product or service as prescribed.
Timing Failure to disclose required information at or before the time an institution enters into an agreement in person, by telephone, by electronic means or by mail as prescribed by Regulations. S. 3 and 4 Deposit Type Instrument Regs; BA, TLCA, CCCA.
Line of Credit
Classification Examples Section of the Act
Amendment Failure to disclose amendment to credit agreement. 452, 570 BA; 438 TLCA; 385.18 CCAA; 482, 601 ICA; S. 13 COB Regs.
Debt collection practices Failure to comply with debt collection practices as prescribed by Regulations S. 7 Credit Business Practices Regs; BA, TLCA, ICA, CCAA.
Electronic Documents Failure to comply with electronic documents as prescribed by Regulations. 978(1), 993, 995, 996, 998, 1002 and 1003 BA; Electronic Documents Regulations.
Express Consent Failure to obtain the person’s express consent, either orally or in writing, prior to providing a person with a new primary financial or optional product or service. S. 3 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to provide the person without delay with confirmation in writing of their express consent for the new product or service, if the consent is provided orally.
Failure to provide information in language and presented in a manner that is clear, simple and not misleading.
General Failure to disclose required information when advertising. 453, 571 BA; 439 TLCA; 385.2 CCAA; 482, 601 ICA; S. 20 COB Regs.
Disclosure statement or consent in relation to a disclosure statement must be in plain language that is clear and concise. 450, 568 BA; 436 TLCA; 385.16 CCAA; 480, 599 ICA; S. 6(4) COB Regs.
Denied opportunity to prepay money advanced or installment before due date 458, 575 BA; 443 TLCA; 385.25 CCAA; 488, 606 ICA; S. 17 COB Reg.
Initial Disclosure - General Failure to disclose in the prescribed manner the cost of borrowing regulations before loans that are repayable in Canada are made to a natural person. 450, 568 BA; 436 TLCA; 385.16 CCAA; 480, 599 ICA.
Initial Disclosure – information box Failure to present the information and content as prescribed. S. 6(2.1)(b) and 6(2.2)(b) COB Regs; BA, TLCA, ICA, CCAA.
Failure to present information in information box as prescribed (font/white space, etc.)
Multiple borrowers Failure to disclose to all borrowers an initial disclosure statement unless consented otherwise 12(5)(d) COB Regs; BA, TLCA, ICA, CCAA.
If consent oral, FRFI must without delay confirm to the borrower in writing.
Non-interest charges Failure to disclose amendment of non interest charges. 452, 570 BA; 438 TLCA; 385.18 CCAA; 482, 601 ICA; S. 13 COB Regs.
Failure to disclose information on non interest charges when line of credit was taken 450, 568 BA; 436 TLCA; 385.16 CCAA; 480, 599 ICA; S. 10(1)(c) COB Regs.
Optional Product and Service Failure to provide, without delay, a refund or a credit to the person with the amount of any charges paid by the person for any part of the product or service that is unused as of the day the cancellation takes effect, as calculated in accordance to the formula as prescribed by Regulations. S. 9 Negative Option Billing Regulations, BA; TLCA, ICA, CCAA.
Failure to disclose in language and presented in a manner that is clear, simple and not misleading. S. 4 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to provide, orally or in writing, an initial disclosure statement that contains information as prescribed by Regulations. S. 5 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to provide subsequent disclosure statement containing all relevant information about the product or service as prescribed by Regulations. S. 6 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to provide information on cancelling the product or service. S. 7 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to disclose, in writing, not less than 30 days before the day on which the changes take effect, any changes to the terms and conditions that apply in respect of an agreement for an optional product or service S. 8 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to disclose, in a subsequent disclosure statement, if person agrees to a promotional, preferential, introductory or special offer for an optional product or service as prescribed.
Information on all optional services including charges and how to cancel. 450, 568 BA; 436 TLCA; 385.16 CCAA; 480, 599 ICA; S. 10(1)(i) & 16(1) COB Regs.
Rate Per Annum Failure to disclose cost of borrowing as rate per annum and calculated in the prescribed manner and circumstance. 451, 569 BA; 437 TLCA; 385.17 CCAA; 481, 600 ICA; S. 10(1).
Statement - General Failure to provide monthly statement 450, 568 BA; 436 TLCA; 385.16 CCAA; 480, 599 ICA; S. 10(3) COB Reg.
Failure to disclose information in monthly statements as required by Regulations 450, 568 BA; 436 TLCA; 385.16 CCAA; 480, 599 ICA; S. 10(3) COB Regs.
Failure to provide quarterly statements as prescribed in Regulations. S. 10(5) COB Regs; BA, TLCA, ICA, CCAA.
Loan
Classification Examples Section of the Act
Amendment Failure to disclose amendment in credit agreement. 452, 570 BA; 438 TLCA; 385.18 CCAA; 482, 601 ICA; S. 13 COB Regs.
Debt collection practices Failure to comply with debt collection practices as prescribed by Regulations s. 7 Credit Business Practices Regs BA; TLCA, ICA, CCAA.
Electronic Documents Failure to comply with electronic documents as prescribed by Regulations 978(1), 993, 995, 996, 998, 1002 and 1003 BA; Electronic Documents Regulations.
Express Consent Failure to obtain the person’s express consent, either orally or in writing, prior to providing a person with a new primary financial or optional product or service. S. 3 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to provide the person without delay with confirmation in writing of their express consent for the new product or service, if the consent is provided orally.
Failure to provide information in language and presented in a manner that is clear, simple and not misleading.
General Forced to maintain a minimum credit balance. 458, 575 BA; 443 TLCA; 385.25 CCAA; 488, 606 ICA.
If a borrower under a credit agreement fails to make a payment when it becomes due or fails to comply with an obligation in the agreement, in addition to interest, the bank may impose charges for the sole purpose of recovering the costs reasonably incurred. 452, 570 BA; 438 TLCA; 385.18 CCAA; 482, 601 ICA; S. 9(1), 8(1)(m) and 18 COB Regs.
Disclosure statement or consent in relation to a disclosure statement must be in plain language that is clear & concise. 450, 568 BA; 436 TLCA; 385.16 CCAA; 480, 599 ICA; S. 6(4) COB Regs.
Failure to disclose required information when advertising 453, 571 BA; 439 TLCA; 385.2 CCAA; 483, 601.2 ICA; S. 19 COB Regs.
Failure to disclose if borrower has right to repay loan, how to repay loan, if and what are rebates, charges or penalties for prepayment and if there are any changes or penalties for late payment or failure to pay an amount at loan maturity. 452, 570 BA; 438 TLCA; 385.18 CCAA; 482, 601 ICA; S. 8(1), 9(1) and 17 COB Regs.
Initial Disclosure - General Failure to disclose in the prescribed manner the cost of borrowing before loans that are repayable in Canada are made to a natural person. 450, 568 BA; 436 TLCA; 385.16 CCAA; 480, 599 ICA; S. 8 & 9 COB Regs.
Initial Disclosure – information box Failure to present the information and content as prescribed. S. 6(2.1)(b) and 6(2.2)(b) COB Regs; BA, TLCA, ICA, CCAA.
Failure to present information in information box as prescribed (font / white space, etc.) 6(2.4) COB Regs.
Multiple borrowers Failure to disclose to all borrowers an initial disclosure statement unless consented otherwise 12(5)(d) COB Regs; BA, TLCA, ICA, CCAA.
If consent oral, FRFI must without delay confirm to the borrower in writing.
Non-interest charges Failure to disclose amendment of non interest charges 450,  568 BA; 436 TLCA; 385.16 CCAA; 480, 599 ICA; S. 13 COB Regs.
Failure to disclose information on non interest charges when loan was taken 450, 568 BA; 436 TLCA; 385.16 CCAA; 480, 599 ICA; S. 8(1) and 9(1) COB Regs.
Optional Product and Service Failure to provide, without delay, a refund or a credit to the person with the amount of any charges paid by the person for any part of the product or service that is unused as of the day the cancellation takes effect, as calculated in accordance to the formula as prescribed by Regulations. S. 9 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to disclose in language and presented in a manner that is clear, simple and not misleading. S. 4 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to provide, orally or in writing, an initial disclosure statement that contains information as prescribed by Regulations. S. 5 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to provide subsequent disclosure statement containing all relevant information about the product or service as prescribed by Regulations. S. 6 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to provide information on cancelling the product or service. S. 7 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to disclose, in writing, not less than 30 days before the day on which the changes take effect, any changes to the terms and conditions that apply in respect of an agreement for an optional product or service. S. 8 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to disclose, in a subsequent disclosure statement, if person agrees to a promotional, preferential, introductory or special offer for an optional product or service as prescribed.
Information on all optional services including charges and how to cancel. 450, 568 BA; 436 TLCA; 385.16 CCAA; 480, 599 ICA; S. 8(1)(k) and 16(1) COB Regs.
Rate Per Annum Failure to provide the cost of borrowing as a rate per annum and calculated in the prescribed manner and circumstance. 451, 569 BA; 437 TLCA; 385.17 CCAA; 481, 600 ICA; S. 9(1) and 3(1) COB Regs.
Statement Failure to provide statement as prescribed. 450, 568 BA; 436 TLCA; 385.16 CCAA; 480, 599 ICA; S. 9(2) and 9(3) COB Regs.
Failure to provide quarterly statements as prescribed by Regulations. s. 10(5) COB; BA, TLCA, ICA, CCAA.
Mortgage
Classification Examples Section of the Act
Amendment Failure to disclose amendment in credit agreement 452, 570 BA; 438 TLCA; 385.18 CCAA; 482, 601 ICA; S. 13 COB Regs.
Debt collection practices Failure to comply with debt collection practices as prescribed by Regulations S. 7 Credit Business Practices Regs; BA, TLCA, ICA, CCAA.
Electronic Documents Failure to comply with electronic documents as prescribed by Regulations 978(1), 993, 995, 996, 998, 1002 and 1003 BA; Electronic Documents Regulations.
Express Consent Failure to obtain the person’s express consent, either orally or in writing, prior to providing a person with a new primary financial or optional product or service. S. 3 Negative Option Billing Regulations; BA, TLCA, CCAA.
Failure to provide the person without delay with confirmation in writing of their express consent for the new product or service, if the consent is provided orally.
Failure to provide information in language and presented in a manner that is clear, simple and not misleading
General Failure to disclose required information when advertising 453, 571 BA; 439 TLCA; 385.2 CCAA; 483, 601.2 ICA; S. 19 COB Regs.
If a borrower under a credit agreement fails to make a payment when it becomes due or fails to comply with an obligation in the agreement, in addition to interest, the bank may impose charges for the sole purpose of recovering the costs reasonably incurred. 452, 570 BA; 438 TLCA; 385.18 CCAA; 482, 601 ICA; s. 9(1), 8(1)(m) and 18 COB Regs.
Disclosure statement or consent in relation to a disclosure statement must be in plain language that is clear and concise. 450, 568 BA; 436 TLCA; 385.16 CCAA; 480, 599 ICA; S. 6(4) COB Regs.
Failure to provide initial disclosure within the disclosed period of time
Initial Disclosure - General Failure to disclose in the prescribed manner the cost of borrowing regulations before loans that are repayable in Canada are made to a natural person. 450, 568 BA; 436 TLCA; 385.16 CCAA; 480, 599 ICA.
Initial Disclosure – information box Failure to present the information and content as prescribed

 

S. 6(2.1)(b) and 6(2.2)(b) COB Regs; BA, TLCA, ICA, CCAA.
Failure to present information in information box as prescribed (font / white space, etc.) 6(2.4) COB Regs.
Multiple borrowers Failure to disclose to all borrowers an initial disclosure statement unless consented otherwise. If consent oral, FRFI must without delay confirm to the borrower in writing. 12(5)(d) COB Regs; BA, TLCA, ICA, CCAA.
Non-interest charges Failure to disclose amendment of non interest charges 452, 570 BA; 438 TLCA; 385.18 CCAA; 482, 601 ICA; S. 13 COB Regs.
Failure to disclose information on non interest charges when mortgage was taken 452, 570 BA; 438 TLCA; 385.18 CCAA; 482, 601 ICA; 8(1) and 9(1) COB Regs.
Optional Product and Service Failure to provide, without delay, a refund or a credit to the person with the amount of any charges paid by the person for any part of the product or service that is unused as of the day the cancellation takes effect, as calculated in accordance to the formula as prescribed by Regulations. S. 9 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to disclose in language and presented in a manner that is clear, simple and not misleading. S. 4 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to provide, orally or in writing, an initial disclosure statement that contains information as prescribed by Regulations. S. 5 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to provide subsequent disclosure statement containing all relevant information about the product or service as prescribed by Regulations. S. 6 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to provide information on cancelling the product or service. S. 7 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to disclose, in writing, not less than 30 days before the day on which the changes take effect, any changes to the terms and conditions that apply in respect of an agreement for an optional product or service S. 8 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to disclose, in a subsequent disclosure statement, if person agrees to a promotional, preferential, introductory or special offer for an optional product or service as prescribed.
Information on all optional services including charges and how to cancel 450, 568 BA; 436 TLCA; 385.16 CCAA; 480, 599 ICA; S. 8(1)(k), 9(1) and 16(1) COB Regs.
Penalty – Info on rebates, repayment and charges Failure to disclose if borrower has right to repay loan, how to repay loan, if and what are rebates, charges or penalties for prepayment and if there are any changes or penalties for late payment or failure to pay an amount at loan maturity 452, 570 BA; 438 TLCA; 385.18 CCAA; 482, 601 ICA; S. 8(1), 9(1) and 17 COB Regs.
Rate Per Annum Failure to provide the cost of borrowing as a rate per annum and calculated in the prescribed manner and circumstance 451, 569 BA; 437 TLCA; 385.17 CCAA; 481, 600 ICA; S. 9(1) and 3(1) COB Regs.
Renewal Failure to notify, in accordance with the Cost of Borrowing Regulations intention not to renew 452.1, 570.1 BA; 438.1 TLCA; 385.19 CCAA; 482.1, 601.1 ICA; S. 14 COB Regs.
Failure to provide disclosure statement upon renewal that includes prescribed information. 452.1, 570.1 BA; 438.1 TLCA; 385.19 CCAA; 482.1, 601.1 ICA; 14 COB Regs.
Statement Failure to provide statement as prescribed. 450, 568 BA; 436 TLCA; 385.16 CCAA; 480, 599 ICA; S. 9(2) and 9(3) COB Regs.
Prepaid payment products
Classification Examples Section of the Act
Clear and simple language Failure to disclose in language and presented in a manner, that is clear, simple and not misleading. S. 3 Prepaid Payment Products Regulations; BA, TLCA, ICA, CCAA.
Initial disclosure – general Failure to disclosure the information in writing, before prepaid payment product is issued, to any person applying as prescribed. S. 4 Prepaid Payment Products Regulations; BA, TLCA, ICA, CCAA.
Failure to disclose the information orally, as prescribed by Regulations, for applications made by telephone before the product is issued.

 

S. 5 Prepaid Payment Products Regulations; BA, TLCA, ICA, CCAA.
Initial disclosure – information box Failure to present the information in an information box as prescribed. 4(2) Prepaid Payment Products Regulations; BA, TLCA, ICA, CCAA.
Additional disclosure Any charges for which a natural person to whom a prepaid payment product is issued becomes responsible by accepting or using the product, as well as the following information, must be disclosed in writing to that person on issuance of the product:
  1. the product’s terms and conditions, including the product holder’s rights and responsibilities with respect to a lost or stolen product;
  2. A description of how the product holder can verify the balance of the funds loaded on the product;
  3. a description of how the product holder may, in certain circumstances, use funds loaded on the product towards a partial payment of a purchase; and
  4. the information referred to in paragraphs 4(1)(a) to (f) unless the product is issued in person and that information was disclosed under subsection 4(1) immediately before the issuance of the product
S. 6 Prepaid Payment Products Regulations; BA, TLCA, ICA, CCAA.
Failure to disclose, on issuance of a prepaid product to a person other than a natural person, any charges for which they become responsible for by accepting or using the products as well as the information as prescribed.
Disclosure on product Failure to disclose the information by setting it out directly on the prepaid payment product or, if the product is electronic, by disclosing it electronically on the product holder’s request, as prescribed. S. 7 Prepaid Payment Products Regulations; BA, TLCA, ICA, CCAA.
Fee changes Failure to provide notice of fee increase or new fees associated with a prepaid payment product that is issued to a natural person as prescribed. S. 8 Prepaid Payment Products Regulations; BA, TLCA, ICA, CCAA.
Expiry date An institution must not impose an expiry date on a prepaid payment product holder’s right to use the funds that are loaded on a prepaid payment product unless it is a promotional product. S. 9 Prepaid Payment Products Regulations; BA, TLCA, ICA, CCAA.
General Failure to comply with the Prepaid Payment Products Regulations. 454, 458.3, 459.4, 572, 575.1, 576.2, 978 BA;
385.21, 385.252, 385.28, 463 CCAA;
485, 488.1, 489.2, 603, 606., 607.1, 1021 ICA;
440, 443.2, 444.3, 531 TLCA;
Prepaid Payment Products Regulations.
Fees An institution must not impose a maintenance fee on a prepaid payment product holder for a period of 12 months after the day on which the product is activated unless it is:
  1. a promotional product; or
  2. a reloadable product and the product holder has given their express consent to the imposition of the fee.
S. 10 Prepaid Payment Products Regulations; BA, TLCA, ICA, CCAA.
An institution must not charge overdraft fees or interest in respect of a prepaid payment product without the express consent of the product holder. S. 11 Prepaid Payment Products Regulations; BA, TLCA, ICA, CCAA.
Principal protected notes
Classification Examples Section of the Act
Electronic Documents Failure to comply with electronic documents as prescribed by Regulations. 978(1), 993, 995, 996, 998, 1002 and 1003 BA; Electronic Documents Regulations.
Express Consent Failure to obtain the person’s express consent, either orally or in writing, prior to providing a person with a new primary financial or optional product or service. S. 3 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to provide the person without delay with confirmation in writing of their express consent for the new product or service, if the consent is provided orally.
Failure to provide information in language and presented in a manner that is clear, simple and not misleading.
General Failure to comply with Principal Protected Notes Regulations 459.4, 576.2 BA; 385.28 CCAA; 443.3 TLCA; Principal Protected Notes Regulations.
Optional Product and Service Failure to provide, without delay, a refund or a credit to the person with the amount of any charges paid by the person for any part of the product or service that is unused as of the day the cancellation takes effect, as calculated in accordance to the formula as prescribed by Regulations. S. 9 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to disclose in language and presented in a manner that is clear, simple and not misleading. S. 4 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to provide, orally or in writing, an initial disclosure statement that contains information as prescribed by Regulations. S. 5 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to provide subsequent disclosure statement containing all relevant information about the product or service as prescribed by Regulations. S. 6 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to provide information on cancelling the product or service. S. 7 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to disclose, in writing, not less than 30 days before the day on which the changes take effect, any changes to the terms and conditions that apply in respect of an agreement for an optional product or service S. 8 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to disclose, in a subsequent disclosure statement, if person agrees to a promotional, preferential, introductory or special offer for an optional product or service as prescribed.
Public Accountability Statement
Classification Examples Section of the Act
General Filing requirements not met. Applies to Canadian FRFIs over $1 billion equity. 459.3 BA; 444.2 TLCA; 489.1 ICA; Public Accountability Statements Regulations.
Failure to disclose to public a copy of the Public Accountability Statement. Applies to Canadian FRFIs over $1 billion equity. 459.3 BA; 444.2 TLCA; 489.1 ICA; Public Accountability Statements Regulations.
Failure to publish Public accountability Statement. Applies to Canadian FRFIs over $1 billion equity. 459.3 BA; 444.2 TLCA; 489.1 ICA; Public Accountability Statements Regulations.
Registered Products
Classification Examples Section of the Act
Amendments Failure to disclose the proposed amendment in writing to the person to whom the product was provided before amending any terms and conditions. S. 4 Registered Products Regs; BA, TLCA, CCCA.
Complaint procedures Failure to provide information about the bank’s procedures relating to complaints about the application of any charge applicable to the registered product. 448.3 BA; 434.1(1) TLCA; 385.131(1) CCCA; Registered Products Regs.
Disclosure of charges Failure to maintain a list of the charges applicable to registered products at each of its branches and points of service where registered products are officer in Canada and on each of its websites through which registered products are offered in Canada. Failure to provide information about:
  • all charges applicable to the registered product
  • how the customer will be notified of any increase in those charges and of any new charge applicable to the registered product
S. 5 Registered Products Regs; 448.3 BA; 434.1(1) TLCA; 385.131(1) CCCA; Registered Products Regs.
Clear and simple language Information must be made in language and presented in a manner that is clear, simple and not misleading. S. 2(1) Registered Products Regs.
Electronic Documents Failure to comply with electronic documents as prescribed by Regulations 978(1), 993, 995, 996, 998, 1002 and 1003 BA; Electronic Documents Regulations.
Express Consent Failure to obtain the person’s express consent, either orally or in writing, prior to providing a person with a new primary financial or optional product or service. S. 3 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to provide the person without delay with confirmation in writing of their express consent for the new product or service, if the consent is provided orally.
Failure to provide information in language and presented in a manner that is clear, simple and not misleading.
Optional Product and Service Failure to provide, without delay, a refund or a credit to the person with the amount of any charges paid by the person for any part of the product or service that is unused as of the day the cancellation takes effect, as calculated in accordance to the formula as prescribed by Regulations. S. 9 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to disclose in language and presented in a manner that is clear, simple and not misleading. S. 4 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to provide, orally or in writing, an initial disclosure statement that contains information as prescribed by Regulations. S. 5 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to provide subsequent disclosure statement containing all relevant information about the product or service as prescribed by Regulations. S. 6 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA
Failure to provide information on cancelling the product or service. S. 7 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to disclose, in writing, not less than 30 days before the day on which the changes take effect, any changes to the terms and conditions that apply in respect of an agreement for an optional product or service S. 8 Negative Option Billing Regulations; BA, TLCA, ICA, CCAA.
Failure to disclose, in a subsequent disclosure statement, if person agrees to a promotional, preferential, introductory or special offer for an optional product or service as prescribed.
Timing Failure to provide information in writing and orally when an account is opened in person, by telephone or by electronic means as prescribed by Regulations. S. 2(2), 2(3), 2(4), 2(5) Registered Products Regs.
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