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Financial Consumer Agency of Canada canada.ca

Financial Consumer Agency of Canada publishes revised Guideline on Complaint-Handling Procedures for Banks

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Announcement

Financial Consumer Agency of Canada publishes revised Guideline on Complaint-Handling Procedures for Banks

The Financial Consumer Agency of Canada (FCAC) has published a revised Guideline on Complaint-Handling Procedures for Banks and Authorized Foreign Banks.

Banks are required to comply with complaint handling obligations set out in the Bank Act and the Financial Consumer Protection Framework Regulations. The requirements include establishing complaint handling procedures, adhering to prescribed timelines for resolving complaints, and communicating clearly with consumers.

FCAC revised the Guideline to reflect the supervisory observations the Agency has made since its introduction in 2022 and to clarify expectations for how banks meet their legislative obligations. It reinforces FCAC's expectation that banks implement complaint handling processes that are effective, timely, and accessible, and that support clear, consistent, and transparent outcomes for consumers. 

FCAC has strengthened its expectations in several key areas, including:

  • Timelines: The revised Guideline confirms that a Bank must resolve or close a consumer’s complaint within the legislated 56-day period. Banks may not pause the 56 day period.
  • Acknowledgement of complaints: To enhance accessibility and consumer understanding of the process, the revised Guideline makes explicit FCAC’s expectation for banks to provide consumers with a clear and timely acknowledgement confirming receipt of a complaint. The acknowledgement is to include key information about the complaint-handling process, including applicable timelines, the steps involved, and what the consumer can expect next.

    • This is an extract. The publication continues at the source.

    Read the original at the source: https://www.canada.ca/en/financial-consumer-agency/news/2026/06/financial-consumer-agency-of-canada-publishes-revised-guideline-on-complaint-handling-procedures-for-banks.html

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    Provenance

    Organization
    Financial Consumer Agency of Canada — imported from official source
    Official source
    https://api.io.canada.ca/io-server/gc/news/en/v2?dept=financialconsumeragency&sort=publishedDate&orderBy=desc&publishedDate%3E=2021-07-23&pick=50&format=atom&atomtitle=Financial%20Consumer%20Agency%20of%20Canada ATOM
    Imported
    October 03, 2026 20:43
    Versions
    1 recorded
    Identity
    https://www.canada.ca/en/financial-consumer-agency/news/2026/06/financial-consumer-agen...

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