Finance committee  I can say this: the banks have no choice. The act requires them to pay these amounts, which are established according to a certain calculation, detailed in the regulations. No matter what decision or decisions the commissioner may make in enforcement cases, financial institutions

Finance committee  It's a good question. Just to start quickly with the source of the complaints, those are complaints the banks are required to report to us. They're also complaints that we had internally at the FCAC. We get numbers from the banks. We asked the banks to give us every single file

Finance committee  I could not tell you a number today.

Finance committee  Typically, the way we do our work is to look at it in general. We don't sanction individual issues with complaints. We look at areas where there are more than just a few people impacted. We try to understand what the issue is, what the root cause of that breach is, and address th

Finance committee  I think we need to separate the two issues. The review was really aimed, as the commissioner explained earlier, at identifying the risk drivers, and that could lead to a bad consumer outcome. In the context of that, the report is very clear. We found that it's the sales culture w

Finance committee  I think what we said in the report recommendation is that they need to pay more attention to that.

Finance committee  For example, if we identified breaches through our review of the 4,500 complaints, those are not addressed in this report. Those are on that separate track for investigative purposes. When my team's done with that work, we'll make recommendations to our deputy commissioner, and e

Finance committee  That's being done by us, yes.

Finance committee  Absolutely. Eventually decisions, if there are decisions, are published on our website.

Finance committee  I wouldn't want to give you a timeline because it is an investigative process. There are statutory deadlines in the act that say we have to issue violations within two years of a matter being known to us, but there are appeals within the act, so I wouldn't want to promise you a t

Finance committee  Absolutely.

Finance committee  Thank you. With regard to credit insurance, because I think that's what your question was about, I think one of the issues that we've identified in the report is that it's a product that's usually sold rather than bought. It's not a product for which a customer will particularly

Finance committee  I would just add that in addition to that aspect of it, it may also be a consumer who, when they complained to their bank or to the FCAC, said they didn't understand what they were buying.

Finance committee  I don't have the exact numbers since November 2016. I can tell you that in fiscal year 2017-18, so April 2017 to this past March, we investigated over 130 incidents of potential breaches to the Bank Act. Sometimes investigations overlap in two fiscal years. In 2017-18, there were

Finance committee  The FCAC has a great account selector tool that can help consumers select the right account for their needs. It's a very useful tool.