FCAC Review of Banks’ Business Practices

The CBA and its member banks look forward to cooperating with the Financial Consumer Agency of Canada (FCAC) in the review announced today. The FCAC regularly conducts reviews of bank business practices and as we have with previous reviews, Canada’s banks will cooperate fully and constructively with the regulator. The FCAC is a key part of Canada’s strong federal regulatory and supervisory system, and it is important that this review be completed in a timely way. We are confident that the banks’ strong policies, procedures, and controls are functioning well.

Canadians are well-served by their banks, which is reflected in the very high level of satisfaction that bank customers have with their own bank – over 90 per cent of Canadians having favourable impressions of their bank.