In compliance with recent changes to the Bank Act and the Financial Consumer Protection Framework, VersaBank is dedicated to servicing our customers in a manner consistent with our commitments and which comply with our legal and regulatory obligations. The following is what you need to know about recent changes.
Financial Consumer Protection Framework
The Financial Consumer Protection Framework (FCPF) introduced new regulatory requirements across the Canadian banking industry to improve consumer protection. These include;
- Strengthening complaint-handling procedures to provide more information to customers so they can make informed and timely decisions.
- Raising the standard of sales practices, including providing products and services to their customers that are appropriate based on their financial needs and circumstances.
- Establishing or enhancing whistleblower programs which encourage employees to come forward should they notice problems.
Revisions to this Framework also extend to third parties who sell or assisting in furthering the sale of a bank’s products or services. At VersaBank, we expect anyone selling our products or services to adhere to these consumer protections and transact in an ethical, honest and transparent manner.
Click Here for additional details regarding recent changes.