OTTAWA, ONTARIO -- (Marketwired) -- 04/30/13 -- The Financial Consumer Agency of Canada (FCAC) would like to hear from those interested in seeking approval to become external complaints bodies to the banking industry. On September 2, 2013, FCAC will begin accepting and reviewing applications for this role.
"Since this is a new responsibility for FCAC, based on new regulations, we are asking that those who are considering submitting an application let us know as soon as possible to help us prepare to receive and assess applications in September," said Ursula Menke, FCAC Commissioner.
"Advance notice will help to ensure that applications will be processed for recommendation to the Minister in a uniform and timely manner. However, the submission of a notification of interest is not a prerequisite for application for External Complaints Body (ECB) status, nor does it represent an obligation on the part of an applicant to submit a draft application. FCAC will review all applications it receives," she added. The Minister of Finance will ultimately decide whether or not to approve an application.
The Complaints (Banks, Authorized Foreign Banks and External Complaints Bodies) Regulations (the Regulations), issued under the Bank Act, will come into force on September 2, 2013. On or after that date, applicants may begin submitting their draft application packages to FCAC in accordance with the process set out in the Application Guide. FCAC will ensure that the draft application package is complete, as per the Regulations and the Application Guide, then review each one against the criteria set out in the in the Bank Act and the Regulations before making a recommendation to the Minister.
More information on the Call for Notifications of Interest from Applicants Interested in Seeking Approval as an External Complaints Body under section 455.01(1) of the Bank Act, and on the Application Guide, is available on FCAC's website, fcac.gc.ca.
With educational materials and interactive tools, the Financial Consumer Agency of Canada (FCAC) provides objective information about financial products and services to help Canadians increase their financial knowledge and confidence in managing their personal finances. FCAC informs consumers about their rights and responsibilities when dealing with banks and federally regulated trust, loan and insurance companies. FCAC also makes sure that federally regulated financial institutions, payment card network operators and external complaints bodies comply with legislation and industry commitments intended to protect consumers.
You can reach us through FCAC's Consumer Services Centre by calling toll-free 1-866-461-3222 (TTY: 613-947-7771 or 1-866-914-6097) or by visiting our website: itpaystoknow.gc.ca.
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