While the new framework directs banks to improve policies, it’s not clear how enforceable, or effective, the new rules will be
The long wait for shorter wait times on resolving bank complaints is almost over as part of a raft of updates to banking regulations set to come into force.
The new rules also reduce the number of days to 56 after first submitting a complaint against a bank before someone can elevate the issue to one of the third-party evaluators. Previously the rules allowed escalation 90 days after it had been escalated to the bank’s second level of resolution, but a lack of transparency from the banks around the timing helped push the actual average time to escalate a claim to be around 130 days.
The rules don’t go so far as to establish a fiduciary duty to act in the best interest of the client as some securities law does, she noted. For its part, the banking industry supports the changes under the new framework, said Canadian Bankers Association spokesman Mathieu Labreche in a statement.
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