Deadline Looming for Banks to File Public Accountability Statements
As the financial year comes to a close, banks across Canada are reminded of their obligation to file public accountability statements with the Financial Consumer Agency of Canada (FCAC). The deadline for submission is just around the corner, and banks must ensure that they comply with the regulations.
What Banks Must Report
Banks must make available on their websites, at each branch in Canada where products or services are offered, and upon request, a list of codes of conduct and public commitments adopted by the bank. This includes:
- Information on low-cost and no-cost accounts
- Annual reports for the Code of Conduct for the Delivery of Banking Services to Seniors
Banks must also report on their committee designated by the board, which is responsible for overseeing compliance with consumer provisions. The report should include details on:
- Committee membership
- Mandate and responsibilities
- Information on any other mandates or responsibilities
Important Deadlines
The deadline for filing the Bank’s report to the Commissioner is January 31, 2023, while directors must file their annual report within 90 days following the end of the bank’s financial year.
Resources Available
“We urge all banks to take this opportunity to review their reporting obligations and ensure that they are in compliance with FCAC regulations,” said a spokesperson for FCAC. “We encourage any individual or organization interested in accessing these statements to visit our website, where they can find more information on how to request them.”
To learn more about the public accountability statement requirements and FCAC’s reporting guide, please visit www.fcac.gc.ca. You can also contact FCAC at compliance@fcac.gc.ca or your lead supervisor for assistance.
Statement Available Free of Charge
FCAC is committed to promoting transparency and accountability in the banking industry. As part of this commitment, we are making available a statement outlining our reporting requirements and guidelines for banks. This statement is available free of charge to any person who requests it and can be accessed on our website or by contacting us directly.
Posting Statement on Websites
We encourage all organizations that offer products or services in Canada to post the public accountability statement on their websites, where it can be easily accessible to consumers. By doing so, you will be supporting FCAC’s efforts to promote transparency and accountability in the banking industry.
Don’t miss this opportunity to demonstrate your commitment to transparency and accountability. Request a copy of the public accountability statement today!