Voluntary codes of conduct are guidelines that one or more organizations voluntarily agree to follow. Voluntary codes generally outline standards that consumers can expect from the organizations that have agreed to the terms of the code.
A public commitment is a promise or agreement made by an organization, or a group of organizations, to its customers or the general public and may be disseminated through the organization's Web site, promotional materials or other means. These commitments can apply to a wide variety of products or services.
FCAC's role
FCAC monitors federally regulated financial institutions' compliance with certain codes of conduct and public commitments that are designed to protect the interests of consumers. FCAC reports to Parliament annually on the level of compliance of financial institutions with these codes and commitments, and on the types and volume of complaints received.
Your role
If you think a financial institution is not complying with a voluntary code or commitment it has made to consumer protection, you should contact the institution. If you are not satisfied with its response, contact the relevant ombudsman or third-party dispute resolution body.
For banks and trust companies, you may contact the Ombudsman for Banking Services and Investments (OBSI).
For concerns and complaints about life and health products and services issued by life insurance companies, contact the Canadian Life and Health Insurance OmbudService (CLHIA).
For problems concerning home, car and business insurance, you can contact the General Insurance OmbudService (GIO).
You should also let FCAC know if you think a voluntary code or public commitment is not being complied with. While we cannot take enforcement action, we will include this information in our report to Parliament.
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The following is a list of the main voluntary codes of conduct and public commitments monitored by FCAC.
Voluntary codes of conduct
Canadian Bankers Association's Code of Conduct for Authorized Insurance Activities
This code outlines the banks' standards for branch employees selling credit, travel and personal accident insurance. It deals with training, disclosure, promotion practices, customer privacy protection and customer redress.
Canadian Code of Practice for Consumer Debit Card Services
This code of conduct is designed to protect Canadian consumers who use debit card services. It outlines industry practices and consumer/industry responsibilities in relation to debit card transactions and liability.
Model Code of Conduct for Bank Relations with Small- and Medium-Sized Businesses
The Canadian Bankers Association (CBA) has developed a code of conduct model that states minimum standards for banks dealing with small and medium-sized enterprises (SMEs). The code outlines the banks' responsibilities when it processes loan or credit applications by small- and medium-sized businesses. Each bank develops and applies its own code to the business activities it conducts with SMEs. However, all bank codes include the key elements of the CBA model.
Principles of Consumer Protection for Electronic Commerce: A Canadian Framework
These principles are intended to guide the actions of businesses, consumers and governments in Canada in developing a consumer protection framework for electronic commerce over open networks, including the Internet. The framework also clarifies the responsibilities associated with the service.
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Public commitments
Credit Cards - Zero Liability
Several organizations and institutions have made formal commitments to protect consumers from the unauthorized use of their credit card. These commitments outline consumers' liability in relation to fraudulent transactions on their credit card.
Guidelines for the Transfer of Registered Plans
A commitment outlining the maximum amount of time that banks may require when transferring a registered savings plan (RSP) containing deposit type instruments, mutual funds or securities between financial institutions.
Low-Cost Accounts
Eight Canadian banks (Bank of Montreal, CIBC, HSBC, Laurentian Bank, National Bank, Royal Bank, Scotiabank, and TD Canada Trust) have renewed their commitment to offer accounts that meet guidelines set out by the federal government, with the aim of ensuring that Canadians have access to affordable banking services.
For more information about various low-cost accounts available, see FCAC's publication entitled What You Should Know About Low-Cost Accounts.
Online Payments
This public commitment outlines consumer and industry responsibilities related to the use of online payment systems in Canada. A process for dealing with disputes is included in the commitment.
Plain-Language Mortgage Documents - Canadian Bankers Association Commitment
This document reflects the banks' commitment to improving the understandability of residential mortgage documents.
Undertaking on Right of Rescission of Index-linked Deposits Purchased by Telephone
 [PDF Version - 19 kB - 1 page]
Seven Canadian banks (Bank of Montreal, CIBC, Laurentian Bank, National Bank, Royal Bank, Scotiabank, and TD Canada Trust) have committed to allowing consumers who made an index-linked deposit by telephone prior to receiving the required written statement to cancel their transaction within 48 hours.
Undertaking on Unsolicited Services
In response to public concern about negative option marketing in the general marketplace, six Canadian banks (Bank of Montreal, CIBC, National Bank, Royal Bank, Scotiabank, and TD Canada Trust) have committed to implementing procedures designed to protect consumers when offering new unsolicited services.
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