Consumer/Retail Financial Services

The consumer retail banking landscape in Canada is transforming due to rapid regulatory change and market conditions, cross-border consolidations, M&A, new technologies and evolving consumer needs. As financial services businesses attempt to focus on revenue growth, innovation, improved service and cost containment in this dynamic environment, they need to employ effective risk-management strategies and ensure consumer retail banking regulatory compliance.

With the leading financial institution regulatory practice in Canada, we counsel clients on their retail banking operations and products, regulatory compliance, and day-to-day operations. We have experience navigating complex regulatory issues, engage in regulatory reform dialogues and have extensive experience working with multiple stakeholders in the industry.

We advise clients on:

The current regulatory framework, as well as on any draft consumer retail banking legislation and regulatory proposals that may affect them, including dealing with regulatory agencies and industry associations
Compliance with applicable legislation and related requirements, including consideration of federal/provincial jurisdictional issues; and consumer protection legislation and guidance when marketing and distributing credit insurance products
The payment card, technologies and systems industry, specifically with respect to credit, cost of high-cost credit products, debit and preauthorized debit requirements; and stored-value and gift cards, electronic payments, and payday loan regimes
Privacy, protection of personal information and credit reporting legislation, collection agency legislation and prohibited collection practices, anti-money laundering and anti-terrorist financing compliance, and codes of conduct of the Canadian Bankers Association and others
Corporate governance, consumer contracts and compliance when developing and modernizing financial products and services
The introduction of financial products and services into Canada on a cross-border basis or through a Canadian-based business, and portfolio acquisitions and sales
Dealing with regulatory agencies and industry associations, including the Office of the Superintendent of Financial Institutions (OSFI), the Financial Consumer Agency of Canada (FCAC), the Financial Transactions Reports Analysis Centre of Canada (FINTRAC), the Canada Deposit Insurance Corporation, the Canadian Payments Association and applicable provincial regulators