Voluntary Codes of Conduct and Public Commitments

Voluntary Codes of Conduct are non-legislated commitments, voluntarily made by companies, associations and other organizations to influence or control behavior, for the benefit of both themselves and their communities. Voluntary codes and commitments can address the needs of consumers, workers, and citizens while helping companies remain competitive.

The banking industry has developed and is committed to several voluntary codes designed to protect consumers.

Voluntary Codes of Conduct

• Code of Conduct for Federally Regulated Financial Institutions—Mortgage Prepayment Information
  This code of conduct outlines the type of information consumers will receive to help them make an informed decision about prepayment of their mortgage.
• Canadian Code of Practice for Consumer Debit Card Services
  This code of conduct outlines practices and responsibilities which help to protect consumers who use debit card services.
• Canadian Bankers Association
  
  • Code of Conduct for Authorized Insurance Activities
    This code outlines the banks’ standards for branch employees selling credit, travel and personal accident insurance. It deals with training, disclosure, promotion practices, customer privacy protection and complaints procedures.
  • Code of Conduct for Credit and Debit Card Industry in Canada
    This code of conduct sets the principles for business practices related to the issuance and acceptance of payment cards and operation of payment card networks.
  • Code of Conduct for the Delivery of Banking Services to Seniors
    The Code of Conduct sets out principles that apply to banks to guide them when they deliver banking products and services to Canada's seniors. The principles cover topics such as policies and procedures, effective communication, training, and resources for employees and representatives.
  • Model Code of Conduct for Bank Relations with Small- and Medium-Sized Businesses
    The Canadian Bankers Association (CBA) has developed a code of conduct model that states minimum standards for banks when dealing with small and medium sized businesses.
  • Principles of Consumer Protection for Electronic Commerce: A Canadian Framework
    The principles provide a framework for commerce over open networks, including the internet.

Public Commitments

• Canadian Bankers Association's
  
  • Commitment to Provide Information on Mortgage Security
    This Public Commitment outlines information banks must provide on the different types of mortgage security banks take when consumers borrow funds through a mortgage for the purchase of a home.
  • Commitment on Powers of Attorney and Joint Deposit Accounts
    This public commitment sets out the minimum information about Powers of Attorney and Joint Deposit Accounts that banks must provide consumers who want to give someone else the authority to do banking for them.
  • Guidelines for the Transfer of Registered Plans
    This commitment outlines the maximum amount of time that banks may require when transferring registered deposits between financial institutions.
  • Online Payments
    This public commitment outlines the practices and responsibilities of the consumer and the industry when using on line payments systems in Canada.
  • Plain-Language Mortgage Documents
    This document reflects the banks’ commitment to improving the understandability and readability of residential mortgage documents.
  • Commitment on Modification or Replacement of Existing Products or Services
    This public commitment outlines the procedures for banks to provide consumers with information related to the modification or replacement of existing products and services.
  • Low-Cost and No-Cost Accounts
    Banks in Canada have agreed as an industry to adhere to the public commitment of Low-cost and No-Cost Bank Accounts by expanding their offerings of low-cost and no-cost bank accounts. The commitment is intended to protect consumers and save Canadians money by making banks offer low-cost bank accounts to any individual and offer no-cost accounts to youth, students, seniors qualifying for the Guaranteed Income Supplement, and to Registered Disability Savings Plan beneficiaries.
• Fraud Protection
  These commitments outline consumers’ liability in relation to fraudulent transactions on their credit cards.
  • Visa
  • Interac
• Principal Protected Notes Regulations
  This document reflects the public commitment of the Laurentian Bank for the issuance of principal protected notes by telephone or electronic means.

 
To view the details of above Voluntary Codes of Conduct and Public Commitments, please visit the Canadian Bankers Association website.

Achieving Customer Satisfaction

Customer satisfaction is a top priority at Laurentian Bank Group*. That is why we have put in place mechanisms to receive your comments on our policies and service quality, and to respond promptly when there is a problem that requires us to take corrective action. Ideally, problems should be resolved directly between the parties concerned, but that is not always possible.

For those situations, the Bank has created the Quality Management and Compliance team to improve service quality, provide assistance to customers upon request, and to communicate, when necessary, with the authorities concerned.

Laurentian Bank Group* is committed to several voluntary banking industry codes designed to protect consumers, and which describe the rights and responsibilities of the banks and their clients. These include the Online Payments Code, the Canadian Code of Practice for Consumer Debit Cards, the CBA Code of Conduct for Authorized Insurance Activities, and others.

If you have comments or complaints concerning our services, fees or confidentiality of personal information, we suggest you to download the “Achieving Customer Satisfaction” brochure.

Coercive tied selling

At Laurentian Bank and its subsidiaries, we require from all our employees to fully comply with the law by staying clear of coercive tied selling.

If you want to know what is coercive tied selling and how to contact us if you have any questions, complaints or concerns, we suggest you to download the “Coercive tied selling” brochure.

Whistleblowing Notices and Anonymous Reporting

The Bank has improved its process for the anonymous submission of Whistleblower Notices through an independent Third-Party Service Provider, Clearview Connects.

Please download the “Whistleblower Policy & Reporting Hotline” brochure for contact details.