The Treating Financial Services Consumers Fairly Guideline ensures a common understanding between FSRA and its Licensees about what it means to treat consumers fairly throughout the life cycle of a financial product. It applies to three FSRA-regulated sectors: credit union/caisse populaire, loan and trust, and mortgage brokering.
Much of what FSRA expects from these sectors in terms of the fair treatment of consumers is contained, directly or indirectly, in existing legislation or is part of accepted industry best practices.
However, treating financial services 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.
The Guideline outlines eight principles that Licensees can use to enhance their policies and procedures, and apply to their day-to-day activities.
FSRA expects Licensees to adapt the Guideline based on the nature, scope and size of their respective businesses. Licensees can assess their current practices against the Guideline, and develop plans to address any gaps.
FSRA’s Guideline aligns with international standards and with the Conduct of Insurance Business and Fair Treatment of Customers guidance, released by the Canadian Council of Insurance Regulators and the Canadian Insurance Services Regulatory Organizations.
Treating Financial Services Consumers Fairly Guideline - Frequently Asked Questions