Banks Must File Public Accountability Statements and Reports by Deadline
The Financial Consumer Agency of Canada (FCAC) is reminding banks to file their public accountability statements and reports on time. These statements provide Canadians with valuable information about the banking industry’s compliance with consumer protection laws and regulations.
Filing Requirements
According to FCAC, banks must file their public accountability statement within 135 days after the end of their financial year. The statement must be made available to the public free of charge and posted on the bank’s website, as well as provided to anyone who requests it.
In addition to the public accountability statement, banks are required to report on various aspects of their operations, including:
- Codes of conduct and public commitments
- Low-cost and no-fee accounts
- Annual reports on their commitment to serving seniors
These reports must also be filed with FCAC by the specified deadlines.
Importance of Transparency and Accountability
“FCAC is committed to promoting transparency and accountability in the banking industry,” said a spokesperson for FCAC. “These reporting requirements are essential in ensuring that banks comply with consumer protection laws and regulations, and that Canadians have access to important information about their financial services.”
Reporting Requirements
Banks must also report on their board and committee activities, including details on:
- Committee membership
- Mandates
- Responsibilities
This information is used by FCAC to monitor compliance with consumer provisions and to identify areas for improvement.
The deadlines for filing these reports vary, but most are due within 90 days of the bank’s financial year end. Banks that have not yet filed their reports can do so through FCAC’s secure portal or by contacting FCAC directly.
About FCAC
FCAC is responsible for promoting the adoption of policies and procedures designed to implement legislation, regulations, codes of conduct, and public commitments by banks. The agency works closely with banks to ensure compliance with consumer protection laws and regulations, and provides guidance and support to help them improve their operations.
For more information about FCAC’s reporting requirements or to request a copy of the reports, please contact FCAC at compliance@fcac.gc.ca or visit our website at www.fcac.gc.ca.