The Financial Consumer Agency of Canada (FCAC) has published revised guidance for banks and authorized foreign banks, strengthening expectations for complaint handling timelines, consumer communications and redress. Drawing on supervisory observations since the guideline’s introduction in 2022, the revision confirms that banks must resolve or close complaints within the legislated 56-day period and cannot pause that period. Banks are expected to acknowledge complaints clearly and promptly, explaining applicable timelines, the steps involved and what consumers can expect next. For any complaint not resolved at the first stage of their process, banks should issue a Notice of Final Decision and explain the consumer’s right to escalate to the external complaints body. That escalation route now operates through the Ombudsman for Banking Services and Investments, which became the single external complaints body for federally regulated banks in November 2024. The revised guidance also makes explicit banks’ obligation to maintain a comprehensive policy for timely redress where required under the Bank Act and clarifies expectations for timely remediation of harm based on the circumstances of each complaint.
Financial Consumer Agency of Canada strengthens bank complaint handling expectations and confirms 56-day deadline cannot be paused
The Financial Consumer Agency of Canada has revised its complaint handling guidance for banks and authorized foreign banks, confirming that the legislated 56-day resolution or closure period cannot be paused. It strengthens expectations for complaint acknowledgements, final decision notices and information on external escalation rights. It also clarifies banks’ obligations and expectations for timely redress and remediation.