Know Your Rights and Complain About Your Financial Institution

Know Your Rights and Complain About Your Bank, Trust, Insurance or Investment Company

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Please note that the Canadian Community Reinvestment Coalition is concerned about the effectiveness of all of the complaint agencies set out below, because they are all funded by financial institutions, are all at least somewhat under the control of those institutions (or the federal government or a provincial government) and all lack needed powers to investigate and penalize financial institutions that mistreat customers.

However, from the CCRC's experience, some financial consumers have been able to have their complaints about mistreated effectively addressed by these agencies, and it is important that financial consumers file complaints with these agencies as all of the agencies report to governments about problems financial consumers are facing.

If you have a complaint about the service you have received from your bank, trust company or insurance company, contact the Financial Consumer Agency of Canada (FCAC) and file a complaint.

For a summary of the laws the FCAC investigates complaints about, go to the following pages on the FCAC website: Know Your Rights and Codes of Conduct

The FCAC can be contacted as follows:

Toll-free across Canada tel: 1-866-461-3222 (FCAC)
If calling from outside Canada, call tel: (613) 996-5454

Toll-free across Canada fax: 1-866-814-2224
If faxing from outside Canada, fax: (613) 941-1436

Email: info@fcac-acfc.gc.ca

The FCAC will determine whether what the bank, trust company or insurance company has done is a violation of a law or code. If it is a violation of a law or code, the FCAC will investigate your complaint.

For more information about the FCAC, go to the FCAC website.

For a summary of how the FCAC handles complaints, go to: FCAC Complaint Handling Summary

If what you are complaining about is not a violation of a law, or is about service from an auto insurance or investment company (e.g. mutual fund company), the FCAC will refer you to one of the following other agencies that investigate complaints about unfair service that is not a violation of any law:

For complaints about any type of financial institution, contact the Financial Services OmbudsNetwork (CFSON) and they will refer you on to the specific industry complaint handling agency that deals with your complaint.

For banks and trust companies, contact the Ombudsman for Banking Services and Investments (OBSI)

For concerns and complaints about life and health products and services issued by life insurance companies, contact the Canadian Life and Health Insurance OmbudService (CLHIA)

For problems concerning home, car and business insurance, contact the General Insurance OmbudService (GIO)

(Please send a copy of any complaint letter you file to the CCRC at the address set out below.)

Canadian Community Reinvestment Coalition
P.O.Box 1040, Station B
Ottawa, Canada K1P 5R1
Tel: (613) 789-5753
Fax: (613) 241-4758
Email: cancrc@web.net