News & Analysis as of

FCAC

FCAC Publishes First Decision Regarding Non-Compliance with Code of Conduct

On May 15, 2017, the Financial Consumer Agency of Canada (FCAC) published Commissioner’s Decision #126 (Decision) regarding non-compliance with the Code of Conduct for the Credit and Debit Card Industry in Canada (Code of...more

Financial Consumer Agency of Canada Publishes New Supervision Framework

The Financial Consumer Agency of Canada (FCAC) recently published its new Supervision Framework, following extensive consultation with stakeholders. The Supervision Framework will come into effect November 1, 2017. It updates...more

Trends in Banking: Steps Towards Modernization

Moves Towards Regulatory Modernization - The rapidly evolving nature of banking — and the financial services sector in general — has seen Canada’s Department of Finance make several moves towards modernization. What will...more

Year in Review: Legislation and Guidance for Financial Institutions in 2016

The regulation of federally regulated financial institutions (FRFIs) continued intensifying in 2016 with a new wave of legislative and regulatory initiatives impacting mortgage lending, the bank resolution regime, the life...more

Proposed Supervision Framework and Publishing Principles for FCAC Decisions Released for Consultation

The Financial Consumer Agency of Canada (FCAC) recently published the following two documents for comment: Proposed Supervision Framework and Publishing Principles for FCAC Decisions (Consultation). The consultation period...more

FCAC Issues New and Amended Code of Conduct Guidance

On July 29, 2016, the Financial Consumer Agency of Canada (FCAC) published the following guidance documents on its website: - Amended Commissioner’s Guidance 10 (CG-10) – Increased Disclosure in Sales and Business...more

Year in Review: Legislation and Guidance for Financial Institutions in 2015

Financial institutions in Canada witnessed yet another year of significant growth in legislation and regulatory guidance impacting their operations, while the financial marketplace is continuing to adapt to the impact of...more

Year in Review: Legislation and Guidance for Financial Institutions in 2014

2014 was a year replete with new legislative and regulatory initiatives impacting federally regulated financial institutions. The key initiatives introduced or implemented in 2014 are outlined in our annual year in review....more

New Prepaid Payment and Promotional Product Regulations in Canada

by Bennett Jones LLP on

On May 1, 2014, Canada’s Prepaid Payment Products Regulations came into force. The new regulations apply to all prepaid payment products and promotional products, whether physical or electronic, issued in Canada by federally...more

FCA Publishes Undertaking by Equitable Life Regarding Unfair Contract Terms

On May 31, the FCA published an undertaking given by the Equitable Life Assurance Society under the Unfair Terms in Consumer Contracts Regulations 1999 (SI 1999/2083) (UTCCRs), relating to the fairness of a disclaimer in a...more

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