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Under the Payment Clearing and Settlement Act (PCSA), which became law on 31 July 1996, the Bank of Canada is responsible for the regulatory oversight of clearing and settlement systems (also known as financial market infrastructures or FMIs) with a view to controlling systemic risk and payments system risk in Canada.

Our regulators The Payment Clearing and Settlement Act assigns the Bank of Canada responsibility for overseeing automated clearing and settlement systems for the purpose of controlling systemic risk or payments system risk.

Payments Canada is a public purpose entity comprised of required and eligible members, established by the Canadian Payments Act (CP Act) and regulated by the Minister of Finance and the Bank of Canada.

The Financial Consumer Agency of Canada (FCAC) monitors and supervises financial institutions and external complaints bodies that are regulated at the federal level. These entities include: Banks and federal credit unions. Trust and loans companies.

The primary banking regulators in Canada are the Office of the Superintendent of Financial Institutions (OSFI), an independent agency that reports to the Minister of Finance (the Minister), and the Financial Consumer Agency of Canada (FCAC).

File banking and credit complaints with the Consumer Financial Protection Bureau. If contacting your bank directly does not help, visit the Consumer Financial Protection Bureau (CFPB) complaint page to: See which specific banking and credit services and products you can complain about through the CFPB.

The RPAA sets out requirements to safeguard funds, which apply to all PSPs that hold user funds. Under the RPAA, such PSPs can meet these requirements by: holding end-user funds in trust in a trust account that is not used for any other purpose.