Archived - Consultation on Strengthening Canada’s External Complaint Handling System in Banking
Current status: Closed
Canada’s federal financial consumer protection rules serve to advance consumers’ rights and interests when dealing with their banks. Effective complaint handling helps ensure that the financial system works efficiently and fairly, thereby enhancing consumer confidence in the system. In 2018, the Minister of Finance asked the Commissioner of the Financial Consumer Agency of Canada to review the complaint handling processes in banking and the effectiveness of Canada’s external complaint handling bodies (ECBs). In February 2020, the FCAC published its findings in its report entitled The Operations of External Complaints Bodies.
To address the findings of the report and determine how to further strengthen the external complaint handling system, this engagement process gave stakeholders and interested members of the public an opportunity to provide feedback that will help to inform future policy directions. The consultation ran from July 16, 2021 to December 2, 2021.
Key questions for consideration
This consultation paper, which served as the basis for this consultation, outlines the objectives, structure and attributes of a strong and effective ECB system in Canada. Specifically, the Department of Finance sought views on the following:
Guiding principles and objectives of Canada’s external complaint handling system;
- the findings of Financial Consumer Agency of Canada’s report concerning the structure of Canada’s external complaint handling system; and
- key attributes of an effective external complaint handling process
What’s next?
We will analyze your feedback and will consider how to further strengthen the external complaint handling system in banking. While this formal consultation has now concluded, Canadians are welcome to share their ideas and comments with the Department of Finance at any time.
Related links
- Ministers Morneau and Fortier welcome FCAC reports on complaints handling and announce review
- FCAC review finds consumers face delays and complications when escalating banking complaints
- Fall Economic Statement 2018