FCAC Draft Banking Code for Seniors

The Financial Consumer Agency of Canada (FCAC) is working on a draft code of conduct for delivery of banking products and services to seniors. FAIR Canada has submitted a comment where FAIR Canada outlines its concerns including that oversight and enforcement of the code should be under the control of the FCAC rather than the Canadian Bankers Association, which is a lobby group.

There are also concerns about the composition of the oversight committee and what powers the committee will actually have to make sure that there is compliance and enforcement of the code once it is in place. FAIR Canada stated that the standalone report of all the banks should be available on the FCAC website rather than the website of each individual bank.

To read the full submission click here.