Financial Consumer Agency of Canada publishes thematic review finding small and medium-sized banks falling short of 56-day complaint-handling requirements

The Financial Consumer Agency of Canada (FCAC) published a supervisory highlight reporting on a thematic review of complaint-handling procedures at small and medium-sized banks under the Financial Consumer Protection Framework. FCAC found that while reviewed banks had taken steps toward meeting the framework’s updated requirements, several deficiencies remain and all federally regulated banks are expected to assess their own compliance and remediate issues. Key gaps included not treating all consumer expressions of dissatisfaction as complaints, not consistently dealing with complaints within the required 56 calendar days from receipt, and submitting complaint records to FCAC that often lacked required information. Six small and medium-sized banks were reviewed; each has been informed of institution-specific findings, must take corrective actions, and will be monitored by FCAC to ensure compliance.