We also request that the Agency extend the comment period for the Consultation on a proposed Guideline on Appropriate Products and Services for Banks and Authorized Foreign Banks (Suitability Consultation) to February 17, 2022 in order to ensure that consumers are able to participate fully in both the current Consultation and the Suitability Consultation. [...] Deal with each complaint within 56 days following the day it is received Third, the proposed Guideline does not reference s.14 of the Financial Consumer Protection Framework Regulations which states: “For the purposes of paragraph 627.43(1)(a) of the Act, the prescribed period for dealing with a complaint is 56 days after the day on which the complaint is received.” This timeframe is a significant. [...] A similar expectation is present in CG-12, which states: “when a consumer escalates a complaint to a FRFI’s external complaints body, and once the consumer provides the external complaints body with consent for the FRFI to release information about the complaint, the FRFI provides the external complaint body with all the information that relates to that complaint.” Including this expectation in th. [...] Report quarterly to FCAC regarding complaints that their designated employees or officers receive during the quarter Seventh, the Agency should include clear guidance on the limited circumstances when a bank may determine a complaint has been, in its opinion, “resolved to the satisfaction of complainant” for the purposes of maintaining the record of complaint, reporting quarterly to the FCAC, and. [...] We also recommend that the Agency take additional steps to improve record-keeping expectations to better facilitate independent, third-party adjudication and include in the Guideline the expectation that banks only record, report, or publish a complaint as having been resolved to the satisfaction of the complainant when the complainant confirms this to be true in writing.
Authors
- Pages
- 7
- Published in
- Canada
