Public Consultation on Proposed Treating Financial Services Consumers Fairly Guideline is now Closed

From April 3 to May 8, 2018, the Financial Services Commission of Ontario (FSCO) invited feedback on its proposed Treating Financial Services Consumers Fairly Guideline.

 

The public consultation is now closed.

 

FSCO will review feedback with a view to releasing its final Treating Financial Services Consumers Fairly Guideline later in 2018.

 

Background:

 

FSCO is committed to protecting consumers in the sectors it regulates. In today’s complex and inter-connected financial services marketplace, the fair treatment of consumers is fundamental to the strength and stability of the marketplace.

 

Treating consumers fairly means putting the interests of consumers first. It means taking the time to understand their needs and ensure they understand their rights and responsibilities, so they can make the most informed financial decisions possible.

 

FSCO already expects that its licensees are treating consumers fairly, and looks for this during compliance examinations. However, treating consumers fairly is not just about the law. It is about an ethical way of conducting business that places the consumer at the centre of all business decisions.

 

FSCO is developing a Treating Financial Services Consumers Fairly Guideline to ensure a common understanding about what it means to treat consumers fairly throughout a financial product’s life cycle.

 

The guideline aligns with international standards and with similar national supervisory efforts, and applies to the following FSCO-regulated sectors: insurance, credit union/caisse populaire, loan and trust, and mortgage brokering.