Consultation on a proposed Guideline on Complaint-Handling Procedures for Trust and Loan Companies and Insurance Companies
Current status: closed
This consultation closed on January 8, 2024.
Background
The proposed Guideline on Complaint-Handling Procedures for Trust and Loan Companies and Insurance Companies (Guideline) will promote a consistent approach for complaint-handling for federal financial institutions. It aims to support Companies to develop and enhance their policies and procedures for complaint-handling by aligning them with sound practices and several of the complaint-handling requirements found in the Financial Consumer Protection Framework (Part XII.2 of the Bank Act), and the Financial Consumer Protection Framework Regulations. The proposed Guideline is also aligned with and reinforces FCAC’s Guideline on Complaint-Handling Procedures for Banks and Authorized Foreign Banks, which encourages other federally regulated financial institutions, such as trust and loan companies and insurance companies, to review the requirements for banks and meet similar expectations.
Next steps
FCAC will consider all comments received and may modify the proposed Guideline, where appropriate. FCAC plans to publish an anonymized summary of comments on Canada.ca once the final version of the Guideline is released.