The Financial Consumer Agency of Canada has imposed an administrative monetary penalty of CAD 4.25 million on Royal Bank of Canada for breaching consumer provisions in the Bank Act. The case relates to RBC’s failure to transfer credits from deactivated credit card accounts to customers’ new accounts, which led to inaccurate monthly credit card statements and caused some customers to incur additional charges. FCAC said 227,947 accounts were financially affected. RBC transferred and refunded more than CAD 22.4 million to customers and, where customers could not be identified and refunds could not be posted, made a charitable donation of CAD 299,000. The violation is set out in Summary of Proceeding No. 5. FCAC said accurate disclosure is a foundational element of the Bank Act’s consumer protection provisions and called on federally regulated financial institutions to review its decisions and summaries of proceedings and apply the findings to their own practices where appropriate.
Financial Consumer Agency of Canada2026-06-25
Financial Consumer Agency of Canada imposes CAD 4.25 million penalty on Royal Bank of Canada over untransferred credit card credits
The Financial Consumer Agency of Canada fined Royal Bank of Canada CAD 4.25 million for failing to transfer credits from deactivated credit card accounts to customers’ new accounts, breaching consumer provisions in the Bank Act. The issue affected 227,947 accounts, and RBC transferred and refunded more than CAD 22.4 million. FCAC also published Summary of Proceeding No. 5 on the violation.