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Bank Act

Version of section 627.49 from 2022-06-30 to 2023-06-21:


Marginal note:Maintaining approval

 A body corporate that is approved under subsection 627.48(1) shall, as a condition of maintaining that approval,

  • (a) maintain a reputation for being operated in a manner that is consistent with the standards of good character and integrity;

  • (b) make its services as an external complaints body available across Canada in both official languages and offer those services free of charge to persons who make complaints to it;

  • (c) ensure that every person who acts on its behalf with respect to a complaint is impartial and independent of the parties to the complaint;

  • (d) advise the Commissioner in writing and without delay if it determines that a complaint raises a systemic issue;

  • (e) if it determines that all or part of a complaint is not within its terms of reference, provide the person who made the complaint with written reasons for that determination, and the name of any entity to whom the person may make a complaint, within 30 days after the day on which it receives the complaint;

  • (f) obtain confirmation from a member institution to which a complaint relates regarding whether the period referred to in paragraph 627.43(1)(a) has ended, unless the person who made the complaint has provided it with the written acknowledgment referred to in paragraph 627.43(4)(a);

  • (g) impartially deal with complaints referred to in paragraph 627.43(1)(a) that have not been resolved by its member institutions to the satisfaction of the persons who made the complaints;

  • (h) no later than 120 days after the day on which it has all of the information that it requires to deal with a complaint, make a final written recommendation to the parties;

  • (i) within 90 days after making a final recommendation, make a summary of the final recommendation available on its website free of charge, which summary is to include

    • (i) a description of the nature of the complaint that is the subject of the final recommendation,

    • (ii) the name of the institution that received the complaint,

    • (iii) a description of any compensation provided to the persons referred to in paragraph 627.44(c) or (d),

    • (iv) the reasons for the final recommendation, and

    • (v) any prescribed information;

  • (j) within 135 days after the end of each financial year, file a written report with the Commissioner on the performance of its functions and activities as an external complaints body for that year, which report is to include

    • (i) information about

      • (A) its constitution, governance and terms of reference, and the identity of its member institutions,

      • (B) all sources of funding for its functions and activities as an external complaints body, including the fees charged to each of its member institutions for its services and the manner in which those fees are calculated, and

      • (C) the results of the most recent evaluation referred to in paragraph (l),

    • (ii) a summary of the results of any consultation with its member institutions and with persons who made complaints to it,

    • (iii) in respect of each of its member institutions, the number and nature of complaints that it received, the number of complaints that it determined were within its terms of reference, the number of final recommendations that it made and the number of complaints that, in its opinion, were resolved to the satisfaction of the persons who made them,

    • (iv) the average length of time taken to deal with complaints,

    • (v) the number of complaints that it determined were not within its terms of reference and the reasons for that determination,

    • (vi) the number of final recommendations that it made in which compensation was recommended, and

    • (vii) the average and total compensation provided with respect to complaints that it determined were within its terms of reference;

  • (k) without delay after it is filed with the Commissioner, make the report available on its website free of charge and provide it to any person who requests it;

  • (l) submit, every five years, to an evaluation, conducted by a third party in accordance with terms of reference that are established by the body corporate in consultation with the Commissioner, of the performance of its functions and activities as an external complaints body; and

  • (m) meet any prescribed condition.

  • 2018, c. 27, s. 329

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