Consumer Protection
At RBC, we are always earning the right to be our clients'
first choice. We achieve this in part by maintaining vigilant
fraud prevention and consumer protection measures, and making
every effort to handle concerns to clients' satisfaction.
Privacy and information security
RBC is dedicated to safeguarding the privacy and confidentiality
of personal, business, financial and other information. In
fact, it is one of our highest priorities and remains a cornerstone
of our commitment to our clients, employees and other stakeholders.
We have had a formal Privacy Code since 1991, overseen by
our Chief Privacy Officer, and we use vigorous security safeguards
and internal controls to ensure the privacy and security of
information entrusted to us. In 2007, we developed a broader,
more holistic framework for managing privacy, information
risk, security and records/content management.
RBC ranked among the most trusted companies for privacy in
Canada in Ponemon Institute's 2007 survey.
Fraud prevention
RBC has stringent security policies and practices, backed
up by around-the-clock resources to prevent, detect and investigate
potential fraud. Online security is a priority, and our security
guarantees help protect online banking and self-directed brokerage
clients from unauthorized transactions. Learn more about our
online
banking guarantee. In 2007, we centralized our claims
process for unauthorized transactions, resulting in quicker
reimbursement to clients. We upgraded most of our retail and
branch lobby ATMs with anti-skimming devices in 2007. These
devices deter would-be criminals from placing fraudulent skimming
devices over the ATM card slot.
We have developed a number of fraud-education initiatives
including tips and alerts, brochures and client presentations.
RBC is helping to raise awareness of online threats, while
at the same time educating consumers on how to protect themselves,
through the introduction of a new Phishing
Resource Centre.
In the Caribbean, RBC introduced an advanced fraud monitoring
system to reduce the impact of fraud on credit card customers.
The advanced system is the first of its kind to be used in
many parts of the region.
Voluntary codes of conduct
The Canadian banking industry has developed a number of voluntary
commitments and codes to protect consumers, to which RBC has
committed. See our full list of Canadian
Voluntary Codes and Public Commitments.
Know Your Client rules
Know Your Client rules are key to the protection of investment
and banking clients. Our employees are required to make all
necessary efforts to understand a client's profile, and financial
and personal objectives, before making recommendations relevant
to their needs. Our due diligence also covers compliance with
applicable securities, consumer protection, anti-money laundering,
anti-terrorism and economic sanctions legislation.
Mutual funds governance
Our goal is to help develop and follow best practices in
the mutual fund industry. RBC Asset Management is a member
and our employees are active leaders in the Investment Funds
Institute of Canada. Our publication, Mutual
Funds and Governance: Taking Care of Your Investments,
highlights our commitment to independent fund governance and
protecting the interests of mutual fund investors. A survey
of Canadian mutual funds' proxy voting practices was published
in 2007 by the Social Investment Organization, an independent
organization supporting socially responsible investing. In
this survey, RBC Asset Management was favourably highlighted
as showing due consideration for proposals of both corporate
management and shareholders. RBC Asset Management has also
been a leader in other aspects of governance. For example,
it is a founding member of the Canadian Coalition for Good
Governance.
Client complaint process
Our formal process for handling client
concerns is outlined on this website and in our Straight
Talk® brochures. If clients believe an issue to be
unresolved following receipt of a response from the RBC representative
dealing with their concern, they may appeal to the Office
of the Ombudsman, which examines decisions made by RBC
companies and reviews their compliance with proper business
procedures. The Ombudsman ensures customers get a fair and
impartial hearing and are treated with consideration and respect.
We also respect the dignity and privacy of all parties involved
in the proceedings. Certain disputes that remain unresolved
after being reviewed by the Ombudsman may be directed to a
number of agencies
and regulators listed on this website
and in our Straight Talk brochures.
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