Financial Consumer Agency of Canada - Agence de la consommation en matière financière du Canada

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 For the Industry

 Obligations of Financial Institutions: Types of Provisions

Banks Insurance companies Trust and loan companies Retail associations


TYPES OF PROVISIONS
ProvisionsQuick Tips Banks Trust & loan companies Insurance companies1 Retail associations
Requirement to disclose interest and charges applicable to deposit accounts X X   X
Requirement to disclose cost of borrowing X X X X
Requirement to have procedures concerning the protection of customer information X X X X
Requirement to open retail deposit accounts (RDAs) X      
Requirement to offer a standard low-fee account X      
Within 14 days of opening an RDA by telephone, consumer right to close the account without charge X X   X
Obligation to cash federal government cheques as prescribed by regulation X      
Prohibition on charging for cashing federal government cheques X X   X
Requirement to provide a minimum amount of notice before closing a retail branch X X   X
Requirement for large institutions to file Public Accountability Statements X X X  
Requirement to put in place a complaints procedure and to file a copy of the procedure with the FCAC X X X X
Requirement to join complaints resolution organization X X X X
FCAC required to report annually, in aggregate form, on the number and types of complaints X X X X
Prohibition on using coercion in selling and linking sales of products and services X      
Requirements to disclose information to consumers as required by regulation X X X X
Requirement to provide information to Commissioner as deemed necessary X X X X
Compliance examination and reporting X X X X
Compliance agreements X X X X
Consumer right to prepayment of loans X X X X
FCAC required to monitor industry codes of conduct, such as codes dealing with debit cards, and with small and medium-sized businesses X X X X




1 This column includes Green Shields Canada, a company that does not have to publish Public Accountability Statements because its equity is below $1 billion.)
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Last Modified: 2006-03-24
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