The FCAC has announced that the RBC paid a $4.25 million administrative monetary penalty over compliance failures involving credit card statements.
FCAC Announces $4.25M Penalty Paid by RBC
The Financial Consumer Agency of Canada (FCAC) has announced that the Royal Bank of Canada (RBC) has paid an administrative monetary penalty (AMP) of $4.25 million following findings that the bank failed to comply with certain federal consumer protection requirements. The penalty stems from issues involving inaccurate information provided to some credit card customers, reinforcing the regulator's commitment to ensuring Canadians receive clear, accurate, and timely financial information. Why the FCAC Took Action According to the FCAC, its investigation found that RBC failed to meet specific obligations under Canada's consumer protection framework. The regulator determined that some credit card statements contained inaccuracies, meaning affected customers may not have received complete or accurate information needed to effectively manage their accounts. The FCAC said financial institutions are legally required to provide customers with reliable account information and maintain effect…
