Banks must resolve or close consumer complaints within 56 days: watchdog (opens original article in a new tab)

The Financial Consumer Agency of Canada has updated guidelines requiring banks to resolve or close consumer complaints within 56 days without pausing the period. Banks must issue a final decision notice and inform consumers of their right to escalate complaints.

• Banks must resolve or close consumer complaints within 56 days according to revised guidelines
• Banks cannot pause the 56-day period for resolving complaints
• Banks are required to issue a Notice of Final Decision and inform consumers of their right to escalate complaints