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  • BC-8.3 BC-8.3 Overarching Principles

    • BC-8.3.1

      In the course of offering regulated banking services listed in Paragraph BC-8.2.1, licensees must:

      (a) Act with due skill, care and diligence in all dealings with customers;
      (b) Act fairly and reasonably in all dealings with customers;
      (c) Identify customers' specific requirements in relation to the products and services about which they are enquiring;
      (d) Ensure that any advice to customers is aimed at the customers' interests and based on adequate standards of research and analysis;
      (e) Provide sufficient information to enable customers to make informed decisions when purchasing investment products and services offered to them;
      (f) Provide sufficient and timely documentation to customers to confirm that their investment arrangements are in place and provide all necessary information about their products, rights and responsibilities;
      (g) Maintain fair treatment of customers through the lifetime of the customer relationships, and ensure that customers are kept informed of important events;
      (h) Ensure complaints from customers are dealt with fairly and promptly;
      (i) Ensure that all information provided to customers is clear, fair and not misleading, and appropriate to customers' information needs; and
      (j) Take appropriate measures to safeguard any money and property handled on behalf of customers and maintain confidentiality of customer information.
      Amended: January 2011
      Added: April 2008

    • BC-8.3.2

      The Rules contained in Chapter BC-8 are largely principles-based and focus on desired outcomes rather than on prescribing detailed measures to achieve those outcomes. This gives conventional bank licensees flexibility in how to implement the basic standards prescribed in this Module.

      Added: April 2008