The Financial Consumer Agency of Canada (FCAC) monitors several public commitments by financial entities.
Canadian Bankers Association's: Commitment to Provide Information on Mortgage Security (2014)
This public commitment sets out the nature of the information about mortgage security that banks will provide to consumers shopping for a mortgage to obtain funds for the purchase of a residential property, and when they will provide that information, so that, before finalizing their choice of product, consumers have enough information to understand the implications of their choice.
Canadian Bankers Association's: Commitment on Powers of Attorney and Joint Deposit Accounts (2014)
This public commitment sets out the information about Powers of Attorney that banks will make available to clients who want to give someone else the authority to do banking for them. The Commitment also sets out information that the banks will make available to their clients about joint deposit accounts.
Commitment on Modification or Replacement of Existing Products or Services (2012)
This public commitment outlines the procedures for banks to follow when they modify or replace existing personal products or services. It excludes optional products and services as defined by the Negative Option Billing Regulations.
Canadian Bankers Association’s Guidelines for the Transfer of Registered Plans
A commitment outlining the maximum amount of time that banks may require when transferring a registered savings plan (RSP) containing deposit type instruments, mutual funds or securities between financial institutions.
Several organizations and institutions have made formal commitments to protect consumers from the unauthorized use of their credit card. These commitments outline consumers’ liability in relation to fraudulent transactions on their credit card.
Low-Cost and no-cost accounts
banks committed to enhance their low-cost bank accounts and offer no-cost
accounts with the same features as low-cost
accounts to a wider range of eligible consumers. No-cost accounts will be
available to youth, students, seniors qualifying for the Guaranteed Income
Supplement, and Registered Disability Savings Plan beneficiaries. This
will ensure that Canadians have access to affordable banking services.
Canadian Bankers Association: Online Payments
This public commitment outlines consumer and industry responsibilities related to the use of online payment systems in Canada. A process for dealing with disputes is included in the commitment.
Plain-Language Mortgage Documents—Canadian Bankers Association Commitment
This document reflects the banks’ commitment to improving the understandability of residential mortgage documents.
You may also search the acts, regulations and other obligation by federally regulated financial entities by choosing one of the following: