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Can you summarize SOR /2021-181?
Consolidated Regulations > Financial Consumer Protection Framework Regulations
Short Summary
The Financial Consumer Protection Framework Regulations, issued under various acts including the Bank Act, Cooperative Credit Associations Act, Insurance Companies Act, and others, govern the financial consumer protection framework in Canada. The regulations apply to banks, cooperative credit associations, insurance companies, proceeds of crime and terrorist financing entities, and trust and loan companies. The document sets out requirements for fair and equitable dealings, responsible business conduct, cancellation of agreements, access to basic banking services, disclosure and transparency, key product information, and more. The regulations aim to protect consumers in their financial transactions and ensure transparency and fairness in the financial industry.
Whom does it apply to?
Banks, cooperative credit associations, insurance companies, proceeds of crime and terrorist financing entities, trust and loan companies
What does it govern?
Financial Consumer Protection Framework Regulations
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Penalties for non-compliance are not specified in the document.
Jurisdiction
Canada