CanadaWhat protection does the Financial Consumer Agency provide if my bank treats me unfairly?
The Financial Consumer Agency of Canada (FCAC) protects you by investigating complaints, enforcing compliance with consumer protection rules, and issuing orders to banks that treat you unfairly.
What the Law Says
The Financial Consumer Agency of Canada (FCAC) is Canada’s federal regulator for consumer protection in banking and financial services. Its mandate and enforcement powers are set out in the Financial Consumer Agency of Canada Act.
The FCAC was created to protect consumers of financial products and services offered by federally regulated financial institutions — including banks, trust companies, and loan companies.
If your bank violates consumer protection rules (e.g., misleading advertising, unfair billing, or failure to disclose fees), the FCAC can investigate and take action.
Under section 18, the FCAC Commissioner has the legal authority to issue a formal compliance order requiring the institution to stop the violation and correct the harm — such as refunding money or changing practices.
Statutory TextEstablishes the Financial Consumer Agency of Canada to protect consumers of financial products and services.
— Financial Consumer Agency of Canada Act, s. 3 — Establishment of Agency
Statutory TextCommissioner may issue compliance orders against financial institutions for violations.
— Financial Consumer Agency of Canada Act, s. 18 — Compliance orders
What to Do
File a written complaint with your bank first — they must respond within 30 days.
If unresolved, submit a complaint to FCAC online or by phone (1-866-461-3222).
Include details: dates, names, documents, and what resolution you seek.
FCAC will review, may investigate, and can issue a compliance order if rules were broken.
Note: FCAC does not award compensation directly but can require your bank to provide redress.
Sources
Not legal advice. This article is general information based on publicly available sources, written for educational purposes. Laws change and individual situations vary. Consult a licensed attorney in your jurisdiction before acting on anything you read here. Last reviewed: 2026-06-08.