The Financial Consumer Agency of Canada did not take action on over 27,000 complaints from people about banks in the last five years, according to Access to Information records..The federal government created the Agency to help “protect the rights” of bank customers. Judith Robertson, Commissioner responsible for the Agency and earns $285,000 a year, did not agree to an interview with Blacklock’s Reporter..“The Agency does not publicly comment on its supervisory activities,” said Léonie Laflamme-Savoie, spokesperson for the Commissioner. .“Thank you and have a nice day.”.Since 2019, 27,323 people have complained to the Agency about banks breaching the Bank Act..According to Blacklock’s Reporter, the Agency did not respond or take action on any of these complaints..“No final resolution response is provided to the consumer regarding complaints,” the Agency said in a statement. .“FCAC does not pursue or seek to resolve consumer complaints that consumers may have with their financial institutions.”.No reason was given. Asked, “How many complaints were investigated?”.“FCAC does not track this information,” said the Agency..Complainants instead received a form letter stating “Day-to-day operations and decisions of financial institutions are not regulated by FCAC. They determine their own internal policies and guidelines.”.The Bank Act regulates internal bank policies and guidelines. Parliament in 2001 also passed Bill C-8 An Act to Establish the Financial Consumer Agency of Canada to “protect the rights and interests of consumers of financial products.”.Under the law “the Commissioner may carry on any activity that he or she considers necessary” to enforce the Bank Act. In her last Annual Report to Parliament, Commissioner Robertson boasted she was “protecting financial consumers.”.The Agency was “focused on consumer outcomes” with “an increased onus for consumer protection on banks in recognition of the fact that achieving good consumer outcomes is a shared responsibility that requires a collective effort,” wrote the Commissioner. .“Consumer protection is important for Canadians. It builds trust.”.“Consumer complaints play an important role in identifying concerns in the market conduct of federally regulated entities and gathering information on trends and emerging issues,” said the Annual Report. .“Consumer complaints received directly by the Agency are reviewed for information relating to the regulated entities’ compliance with consumer protection measures.”.The Agency did not say how it enforces banks are following the Bank Act since it did not look into any of the 27,323 complaints..The Agency did not comment when asked if people might take their banks to court for breaching the Bank Act. The Agency has 182 staff and spends $37.1 million annually.
The Financial Consumer Agency of Canada did not take action on over 27,000 complaints from people about banks in the last five years, according to Access to Information records..The federal government created the Agency to help “protect the rights” of bank customers. Judith Robertson, Commissioner responsible for the Agency and earns $285,000 a year, did not agree to an interview with Blacklock’s Reporter..“The Agency does not publicly comment on its supervisory activities,” said Léonie Laflamme-Savoie, spokesperson for the Commissioner. .“Thank you and have a nice day.”.Since 2019, 27,323 people have complained to the Agency about banks breaching the Bank Act..According to Blacklock’s Reporter, the Agency did not respond or take action on any of these complaints..“No final resolution response is provided to the consumer regarding complaints,” the Agency said in a statement. .“FCAC does not pursue or seek to resolve consumer complaints that consumers may have with their financial institutions.”.No reason was given. Asked, “How many complaints were investigated?”.“FCAC does not track this information,” said the Agency..Complainants instead received a form letter stating “Day-to-day operations and decisions of financial institutions are not regulated by FCAC. They determine their own internal policies and guidelines.”.The Bank Act regulates internal bank policies and guidelines. Parliament in 2001 also passed Bill C-8 An Act to Establish the Financial Consumer Agency of Canada to “protect the rights and interests of consumers of financial products.”.Under the law “the Commissioner may carry on any activity that he or she considers necessary” to enforce the Bank Act. In her last Annual Report to Parliament, Commissioner Robertson boasted she was “protecting financial consumers.”.The Agency was “focused on consumer outcomes” with “an increased onus for consumer protection on banks in recognition of the fact that achieving good consumer outcomes is a shared responsibility that requires a collective effort,” wrote the Commissioner. .“Consumer protection is important for Canadians. It builds trust.”.“Consumer complaints play an important role in identifying concerns in the market conduct of federally regulated entities and gathering information on trends and emerging issues,” said the Annual Report. .“Consumer complaints received directly by the Agency are reviewed for information relating to the regulated entities’ compliance with consumer protection measures.”.The Agency did not say how it enforces banks are following the Bank Act since it did not look into any of the 27,323 complaints..The Agency did not comment when asked if people might take their banks to court for breaching the Bank Act. The Agency has 182 staff and spends $37.1 million annually.
