The Financial Services Commission of Ontario (FSCO) has published a guideline on how to treat customers fairly.
The guideline applies to the four sectors the FSCO regulates—insurance, credit union/caisse populaire, loan and trust, and mortgage brokering. The regulated licensees are expected to use the guideline in their daily work to improve policies and procedures.
Industry expectations are already contained in legislation and are accepted as industry best practices, the guideline says. “However, treating consumers fairly is not just about the law; it is also about an ethical way of doing business, and a corporate culture that places consumer interests at the centre of business decisions.”
Last week, the Canadian Council of Insurance Regulators (CCIR) and the Canadian Insurance Services Regulatory Organizations (CISRO) released a joint guidance for insurers and intermediaries on treating customers fairly.
The FSCO guideline comprises eight principles. Licensees can assess their own practice against the guideline and adapt it for their own use according to the nature, size and scope of their business.
“Treating consumers fairly is about putting consumers first and considering what they expect or need at every stage of the product life cycle, from the moment a product is envisioned and distributed, through to the fulfillment of the terms of the business contract,” the guideline says.
Read FSCO’s guideline here.