The Financial Consumer Agency of Canada (FCAC) said an independent evaluation found the Ombudsman for Banking Services and Investments (OBSI) meets regulatory requirements for handling consumer banking complaints and has implemented improvements since its previous review in 2021. The report recommends further operational improvements, which FCAC said it will monitor, while emphasizing that Canadians should … Read more
The Financial Consumer Agency of Canada (FCAC) applied an administrative monetary penalty of $4.25 million on the Royal Bank of Canada (RBC) for a violation of consumer provisions in the Bank Act. RBC failed to transfer credits from deactivated credit card accounts to customers’ new accounts. As a result, these customers received inaccurate monthly credit card … Read more
The Financial Consumer Agency of Canada (FCAC) has published a revised Guideline on Complaint-Handling Procedures for Banks and Authorized Foreign Banks. FCAC revised the Guideline to reflect the supervisory observations the Agency has made since its introduction in 2022 and to clarify expectations for how banks meet their legislative obligations. It reinforces FCAC’s expectation that banks implement … Read more
On April 21, Financial Consumer Agency of Canada Commissioner Shereen Benzvy Miller participated in a fireside chat with Ontario Securities Commission Chief Executive Officer Grant Vingoe at OSC’s annual conference, Dialogue 2026: Competitive Edge in Toronto, Ont. The discussion highlighted that greater transparency is foundational to trust, competition and consumer empowerment. The full release is available online. … Read more
The Financial Consumer Agency of Canada (FCAC) has published its Strategic Plan for 2026-2029, reaffirming its essential role in fostering consumer trust and its commitment to protecting and empowering Canadians in a rapidly evolving financial landscape. The full release is available online.
From May to November 2025, the Financial Consumer Agency of Canada (FCAC) and other federal financial regulators partnered with the Global Risk Institute (GRI) to present the second Financial Industry Forum on Artificial Intelligence (FIFAI 2), a series of four workshops on the risks and opportunities posed by AI adoption in the financial sector. A … Read more
New regulations come into force capping at $10 the non-sufficient fund (NSF) fees federally regulated banks charge Canadians. FCAC will oversee industry compliance with the new NSF fee requirements, which include the following consumer protections: consumers cannot be charged more than $10 in NSF fees when they do not have enough money in their personal deposit … Read more
The Financial Consumer Agency of Canada (FCAC) launched a national advertising campaign to help Canadians manage their money and navigate financial challenges in a complex and changing economy. Under the theme “Making the most of your money,” the campaign showcases practical and trusted resources to help Canadians manage their money more effectively when making financial decisions. The full … Read more
On Nov. 13, 2025, the Financial Consumer Agency of Canada (FCAC) and the Global Risk Institute (GRI) co-hosted a workshop on financial well-being and consumer protection. Issues discussed included the opportunities and emerging risks associated with AI adoption, best practices in the use of AI to empower and protect financial consumers, and the path forward for AI in the financial services sector in Canada. The workshop was … Read more
As of Dec. 1, Canadians can access bank accounts costing no more than $4 per month. Fourteen federally regulated financial institutions, including Canada’s six largest banks, have signed on to and implemented the modernized Commitment on Low-Cost and No-Cost Accounts (Commitment) announced by the Financial Consumer Agency of Canada (FCAC) in June of this year. The previous commitment … Read more
