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Sustaining Canada’s Economic Recovery Act (S.C. 2010, c. 25)

Assented to 2010-12-15

Marginal note:2001, c. 9, s. 183

154. Section 661 of the Act is replaced by the following:

Marginal note:Compliance agreement

661. The Commissioner may enter into an agreement, called a “compliance agreement”, with a bank, authorized foreign bank or external complaints body for the purposes of implementing any measure that is designed so as to further compliance by it with the consumer provisions.

Marginal note:2001, c. 9, s. 183

155. Section 974 of the Act is replaced by the following:

Marginal note:Not statutory instruments

974. An instrument issued or made under this Act and directed to a single bank, bank holding company, authorized foreign bank or person, other than a regulation made under subsection 455.01(3) or 455.1(3.1) or an order referred to in section 499, is not a statutory instrument for the purposes of the Statutory Instruments Act.

Marginal note:2001, c. 9

Financial Consumer Agency of Canada Act

156. Section 2 of the Financial Consumer Agency of Canada Act is amended by adding the following in alphabetical order:

“external complaints body”

« organisme externe de traitement des plaintes »

“external complaints body” has the same meaning as in section 2 of the Bank Act.

Marginal note:2010, c. 12, s. 1851(1)

  • 157. (1) Paragraphs 3(2)(a) and (b) of the Act are replaced by the following:

    • (a) supervise financial institutions and external complaints bodies to determine whether the institution or body is in compliance with

      • (i) the consumer provisions applicable to them, and

      • (ii) the terms and conditions or undertakings with respect to the protection of customers of financial institutions that the Minister imposes or requires, as the case may be, under an Act listed in Schedule 1 and the directions that the Minister imposes under this Act;

    • (b) promote the adoption by financial institutions and external complaints bodies of policies and procedures designed to implement the provisions, terms and conditions, undertakings or directions referred to in paragraph (a);

    • (b.1) promote the adoption by financial institutions of policies and procedures designed to implement

      • (i) voluntary codes of conduct that are designed to protect the interests of their customers, that are adopted by financial institutions and that are publicly available, and

      • (ii) any public commitments made by them that are designed to protect the interests of their customers;

  • Marginal note:2010, c. 12, s. 1851(2)

    (2) Paragraph 3(2)(d) of the Act is replaced by the following:

    • (d) promote consumer awareness about the obligations of financial institutions and of external complaints bodies under consumer provisions applicable to them and about all matters connected with the protection of consumers of financial products and services; and