Trail Mix
the FCAC is responsible for protecting the financial health of all Federally regulated financial institutions
FALSE
FCAC focusses on market conduct and consumer protection.
OSFI'S role is to ensure the financial health of the FI.
As required by the Bank Act, Financial Institutions must make the first $____ available immediately for all cheque deposits.
$100 in the FCAC requirement
ATM deposits--> Prospera automatically makes the first $250 available for all ATM deposits - no change to this.
In Person --> for consistency, Prospera has elected to allow access on the first $250 for in branch deposits. Hold can be adjusted manually for this.
Member Says while approaching the frontline wicket...
"Where is everyone today? I'm not used to waiting 15 minutes to be served..."
is this FEEDBACK or a COMPLAINT?
FEEDBACK
the member is expressing their observation and the tone and body language do not suggest dissatisfaction.
mean to protect consumers facing vulnerable circumstances.
examples include but are not limited to:
victims of domestic abuse
victims of human trafficking, or
those from communities with higher likelihood of vulnerability such as indigenous communities and new immigrants.
True or False..
If a complaint is resolved immediately, it is not required to be logged in Service Now.
even if resolved immediately, you must still log the complaint in Service Now. The functionality exists to open and add a resolution promptly so as not to create an additional workflow.
A. suspected illegal or fraudulent purposes
B. Poor Credit Score
C. unpaid collection on their Credit Bureau
D. Material Misrepresentation
C
We can no longer decline membership for unpaid collection items that typically result in unfavorable credit scores.
An employee on probation is presented with a cheque for deposit for $2000. This is a regular deposit for our member for their bi-weekly payroll. The member has expressed they require full access.
What process must the advisor follow to execute the request?
as a probationary employee, the $2000 exceeds their limit of $1500. The employee must seek approval (documented by approver in CRM) to process the deposit in excess of their limits.
MSS = 5K authority
MXS= 10K authority
RM = 50K authority
RML = 100K authority
AM/BM - no cap with sound rationale.
A member contacts our MSC...
“I'm looking for an update on my loan, I have been waiting for 2 weeks and have tried to call {advisor} but haven’t heard back- I’ve left several messages…”
is this a complaint or feedback? and Why
COMPLAINT
The member is demonstrating clear frustration with a process and has expressed a lack of responsiveness. This complaint needs to be logged and actioned to in SN.
True of False.
Access to Basic banking is ONLY applicable to retail deposit accounts opened IN PERSON at an Advice Centre.
True!
... and if you're like me, this question is making you wonder what differs for online account openings...
Fill in the blank
Advice Centre staff must attempt to resolve a complaint within ___ calendar days.
14 CALENDAR Days (not to be confused with business days)
all complaints must be resolved by the AC within 14 days. If complaint is unresolved, on the 15th day it will escalate to the Member Relations Team.
If a member requests to cancel a business deposit account, the cooling-off period is ___ business days.
14 business days.
Cooling off period is defined as follows
3 business days if signed in person or by e-sign
14 buseinss day if signed by mail
14 business day for BUSINESS deposit account regardless of signing method.
If we have just cause to increase the hold duration in excess of the standards, what steps must the advisor take to ensure FCAC compliance?
Notice of Refusal- Hold Days and First $100. Also provide the Resolving your complaint brochure.
Member approaches the MSS wicket and says...
"I’m here to activate my account as I received a letter. Charging $5 per month is steep for a kids account. I rushed in to deal with this!"
is this feedback or a Complaint? and Why?
FEEDBACK
although they feel the charge is steep- they have not expressed objection to paying the fee, rather the focus is on activation.
If a member doesn't have "standard ID" when requesting to open an account, we will accept other forms of Identification.
One document must include NAME and _______
One document must include their NAME and _____
One document must include their NAME and ADDRESS.
One document must include their NAME and BIRTHDAY
**must be from a reliable source**
• Identification issued by Government of Canada or a provincial government
• Recent notices of tax assessments issued by the Government of Canada or a provincial or municipal
government
• Recent statements of benefits from the Government of Canada or a provincial government
• Recent Canadian public utility bills
• Recent bank account or credit card statements
• Foreign passport
Which of the following is NOT a complaint?
A) “I was charged $25 for an overdraft. as a long-time member, I shouldn't be charged. I'd like this charged refunded.”
B) “I submitted a personal loan application last week, but I haven’t heard back. This is frustrating—can someone tell me what’s taking so long!?”
C) “The branch closes too early for my schedule. You should be open later to accommodate people that work later than 5”
C
This is an expression of opinion (feedback), not a complaint, as it lacks dissatisfaction with a specific product/service and does not request resolution
1. When a frontline employee receives a complaint, they create the SN on behalf of the leader. The Leader will then manage the complaint to a resolution.
2. ONLY If the complaint is justified, we log it immediately.
3. We must log the complaint immediately and provide the letter of akcnowledgement and complaints brochure
3
all complaints must be logged immediatly, regardless of whether justified or not and the letter and brochure must be provided either electronically or phyically.
The individual who receives the complaint owns it to the resolution unless the member requests escalation or requires support from their leader to resolve. The complaint will automaticlaly escalate to the MRT following the 14 days if a resolution is not logged.
what is the wealthview transaction code we use to deposit a cheque to ensure we are adhering to the maximum holds as guided by FCAC?
chd.
Depositing using the chd transcode will hold the funds for 4 business days after the date of deposit.
NOTE: chd2 should no longer be used (=10 business days)
when presenting our mortgage rates, member says...
"I asked for your best rates, and my broker has quoted me a far better rate. I appreciate that you can seek discretion to save my business, but I asked for the best rate and I don't have time to haggle. I will be going with the Broker."
is this feedback or a complaint? and why?
Feedback
as presented, the member is advising us of the decision. dependent on where the conversation goes- this could evolve into a complaint.
but at face value - this would be considered feedback. *when in doubt - LOG IT*
We have a prospect enter the AC requesting to open a membership, the team member reviews the Identification, CB and overall interaction, and identifies some red flag for fraud...
what are the appropriate next steps?
1. Advisor to review with AC leadership and discuss the concerns to ensure criteria to decline is valid and substantiated. *Leaders are encouraged to reach out for support if unclear*
2. advise the prospect of our decline and provide the Account Opening Decline Letter - Retail.
Fill in the blank...
If a member is not satisfied with the Complaint Resolution Office’s response, or if their complaint is not resolved within ___ days, they may escalate to OBSI.
56 days
Members can escalate to OBSI if not satisfied or if the complaint is unresolved after 56 days.
List two enforcement powers the FCAC has if an institution fails to comply with requirements.
Administrative monetary penalties
Public naming of violations
Orders for corrective action
Increased scrutiny of sales practices & complaint
List 2 situations where the maximum cheque hold period may NOT apply
Account has been open for less than 90 days.
There are reasonable grounds to suspect illegal or fraudulent activity in relation to the deposit
Cheques issued from a bank outside of Canada.
cheques that are not issued in Canadian dollars.
Are damaged
Have been endorsed more than once
advise center staff receives the below email...
I was recently booked with {advisor} and unfortunately my experience is negative. I am frustrated with the lack of communication and the time this has taken. My initial appointment was April 21 and the documents were presented in advance. The only time i receive updates is if I reach out to {advisor}. As a long-time member, I expected this process to be more timely- can you let me know if this is normal or if we can expedite this?
COMPLAINT
Member has expressed frustration with the process and responsiveness from advisor.
The complaint owner would log the complaint in SN, in service now.
in this case - the resolution might be as simple as the complaint owner listened to the concerns and explained that we do have high volumes currently. They advise that they've connected with our underwriting center to ensure things are moving along. Additionally, they've provided the feedback to the advisor and the advisor has also committed to ensure periodic updates while the application is in progress.
True or False...
Members who are declined for a membership through our digital account opening channel could attend the AC and may be eligible for an account.
TRUE
The access to basic banking only applies to in person account openings.
List two best practices for documenting complaints according to FCAC guidelines.
Stick to the facts: Document what happened without opinions or assumptions.
Be timely: Enter notes as soon as possible to ensure the record is accurate and complete.