More than 60 changes are being made, including requirements forcing banks to ensure products are suitable for the customer, to notify customers when bank balances are running low and to deal with complaints within a maximum of 56 days.
Critics have argued that the new rules, which saw nearly a decade pass between their proposal and their entry into force, do little to substantially change the relationship between banks and customers.
Financial Consumer Agency of Canada (FCAC) Commissioner Judith Robertson, however, says the changes are “very significant in terms of changing the standard that banks will be held to.”
According to her, while some rules are updated, others such as the measure of relevance and requirements for bank payments that do not interfere with the new obligations, are part of a high standard of care.
“We are delighted that these updates are taking effect. We believe that these give us a great deal of leeway to promote and enforce the higher standard they contain,” said Judith Robertson in an interview.
In a statement, FCAC also said it expects the federal government to move forward with the Budget 2022 commitment to create a single external bank complaints body. Legislative amendments to this end will be proposed shortly as part of Budget Implementation Act No. 2.
