ARCHIVED - Compliance Framework

The Financial Consumer Agency of Canada (FCAC) Compliance and Enforcement Branch (CEB) is responsible for supervising:

• FRFIs’ compliance with consumer provisions set out in federal financial institution legislation
• payment card network operators
• adherence of both types of entities to the various industry voluntary codes of conduct and public commitments.

The Compliance Framework outlines the various ways FCAC oversees compliance pursuant to the FCAC Act. It is meant to provide users with a broad overview of the framework and allows users to navigate through additional levels of detail, as needed. By clicking on the boxes of the Flash version, additional explanation can be obtained and links to other resources are also made available.

A text version of the Compliance Framework is also available.

Table of contents

• Accumulation of industry information
• Possible compliance concern: legislative provision
  • Investigation and evaluation
  • Compliance report or proposal
  • To Commissioner for evaluation
  • Representations
  • To Commissioner for decision
• Possible compliance concern: voluntary code of conduct or public commitment
  • Investigation and evaluation
  • Non-compliance letter
  • Representations
  • To Commissioner for decision
• Compliance and enforcement toolbox
  • Tools to promote compliance
    • Non-substantive letter
    • Letter of concern
    • Letter of concern with an action plan
    • Non-Compliance Letter
  • Tools to implement compliance
    • Compliance Agreement
    • On-site examination
    • Desk review
  • Tools to enforce compliance
    • Notice of Violation
    • Notice of Decision
• Reporting to stakeholders
• Risk Assessment Model
• FAQs
• Definitions of compliance terms

Legal disclaimer:

This description of the FCAC Compliance Framework is not a legal document. It contains general information and is provided for convenience and guidance of FCAC’s stakeholders. It describes the general approach of the Agency to typical compliance matters. In particular circumstances and within relevant legislative provisions, the Agency may adjust its approach from what is described.