Financial Consumer Agency of Canada
Symbol of the Government of Canada

Financial Consumer Agency of Canada

www.fcac-acfc.gc.ca

 

Public Commitments

FCAC monitors several public commitments by financial entities.

Commitment on Modification or Replacement of Existing Products or Services (2012) PDF

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 PDF

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.

Fraud protection

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 Accounts

Eight Canadian banks (BMO Bank of Montreal, CIBC, HSBC Bank Canada, Laurentian Bank, National Bank, RBC Royal Bank, Scotiabank, and TD Canada Trust) committed to offer accounts that meet guidelines set out by the federal government, with the aim of ensuring that Canadians have access to affordable banking services.

Canadian Bankers ’Association: Online Payments PDF

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 PDF

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:


Footnote 1 Section 2 of the Bank Act states that a "federal credit union" means a bank that, within the meaning of section 12.1, is organized and carries on business on a cooperative basis.

Footnote 2 Retail associations as defined in the Cooperative Credit Associations Act.

Footer

Date Modified:
2013-01-28