A new FCAC report shows banks still aren't following the rules — and last year more than 745,000 Canadian accountholders were reimbursed

The FCAC’s findings matter. Most Canadians don't know the deadline exists — or that they have formal escalation rights when their bank blows through this deadline. Here’s what every bank customer needs to know.

The 56-day rule most Canadians have never heard of

In 2022, the federal government updated its consumer protection rules for banks through the Financial Consumer Protection Framework (FCPF). Among the new requirements: Federally regulated banks must deal with customer complaints within 56 calendar days of receiving them.

The FCPF also expanded what counts as a complaint. Banks are now required to treat any expression of dissatisfaction as a complaint — whether or not the customer explicitly uses the word "complaint." That means a frustrated email or a phone call raising concerns about a fee, a denied credit application or billing errors should trigger the formal process.

If your bank hasn't resolved your complaint or acknowledged your escalation rights within 14 days of receiving it, they're required to refer it to a designated complaints employee.

These rules apply to all banks operating in Canada — and protect every Canadian with a bank account.

What the FCAC review of mid-size banks found

The FCAC's July 2025 thematic review assessed six small and medium-sized banks selected to represent a range of sizes, business models and regional presence. The regulator reviewed compliance over an eight-month period (2).

The findings identified three main gaps:

• Some banks did not treat all expressions of dissatisfaction as complaints, meaning some issues never entered the formal process
• Some banks missed the 56-day deadline
• Some complaint records submitted to FCAC lacked required information

Each bank in the review received individualized findings and has been directed to take corrective action. The FCAC says it is actively monitoring progress.

The review is part of a broader picture. According to the FCAC's 2024–2025 annual report, the agency's supervision of regulated entities resulted in more than $38 million being reimbursed to more than 745,000 consumer and business accounts during the year (3).

What to do if your bank isn’t taking action on your complaint?

Knowing the rule is only useful if you act on it. Here's how the complaint process is supposed to work — and where to push back if it doesn't.

Start in writing. File your complaint in writing, whether by email or through your bank's online portal. This creates a record and establishes the date the bank received your complaint — the clock starts there.

Track the 14-day and 56-day marks. If your complaint hasn't been acknowledged or escalated to a designated complaints employee within 14 days, flag it. If 56 days pass without a resolution, you have the right to escalate externally.

Escalate to your bank's complaints department. If the first contact doesn't resolve it, ask to be moved to your bank's formal internal complaints process. Banks are required to assist you in navigating each step and to tell you about your right to go to an external body.

When to escalate to OBSI — and when to contact FCAC

If your complaint remains unresolved after the 56-day window — or if you receive a final written response and still aren't satisfied — you can take your case to the Ombudsman for Banking Services and Investments (OBSI).