487:
330:(known as the MacKay Report). One of the Task Force’s findings was that "the current framework for consumer protection is not as effective as it should be in reducing the information and power imbalance between institutions and consumers." Two parliamentary committees reviewed the Task Force Report, held public consultations across the country and presented their own recommendations.
38:
453:
Lucie
Tedesco, was appointed Commissioner on September 4, 2013. Prior to her appointment as Commissioner, Ms Tedesco held the roles of Acting Commissioner and Deputy Commissioner with the FCAC. She joined the Agency, after serving as Vice-President, Insurance and Loan Operations and Vice-President,
552:
that can help consumers find the financial products and services that best meet their needs, including a Budget
Planner, Mortgage Calculator, and Financial Goal Calculator. FCAC also develops infographics and videos to help consumers strengthen their financial literacy, which can be followed and
391:
November 2011 was the first
Financial Literacy Month. FCAC, together with a group of community organizations called the Financial Literacy Action Group (FLAG), organized workshops and other events across Canada to promote financial literacy among consumers.In March 2012, the Parliament of Canada
465:
Under its compliance and enforcement mandate, the Agency investigates cases of non-compliance with consumer protection measures as set out in
Canadian legislation. FCAC identifies potential cases using consumer complaints, as well as through the inquiries and investigations of its officers. The
217:
FCAC monitors and supervises financial institutions and external complaints bodies that are regulated under federal legislation. These entities include all banks and federally incorporated or registered insurance, trust and loan companies, retail associations, federal credit unions and external
556:
FCAC offers different financial education programs aimed at a wide range of age groups, including financial workshops and e-learning videos for young adults, a workshop aimed at better understanding credit reports, and learning programs to help adults manage their personal finances.
547:
Under its consumer education mandate, FCAC produces timely and objective resources and tools related to understanding and managing personal finances and financial products and services. On Canada.ca/money, FCAC offers information on a variety of financial topics, along with
157:
legislation, regulations and industry commitments by federally regulated financial entities. It also provides programs and information to help consumers understand their rights and responsibilities when dealing with financial institutions and promotes financial literacy.
437:
Ursula Menke was appointed
Commissioner on December, 2007. Before her mandate at FCAC, Ms. Menke held various positions giving her more than 30 years' experience in financial and legal affairs in both the public and private sectors, including the
337:, containing 57 reform measures. Among them was a proposal to create a financial consumer agency to oversee consumer interests and improve consumer protection. Legislation to implement the reform package was passed on June 14, 2001.
322:
In
December 1996, the Government of Canada launched the Task Force on the Future of the Canadian Financial Services Sector, one of several initiatives following extensive debate and consultation on reform of the financial sector.
235:
As a regulatory agency, FCAC can exercise its enforcement powers to ensure that federally regulated financial entities comply with the consumer provisions of the various federal acts relating to financial services, including:
564:
that provides
Canadian employers with the strategies, tools and resources needed to build and implement a financial wellness program within their workplace, including a section specifically tailored to employees.
289:
In cases of contravention or non-compliance with legislation, FCAC notifies the federally regulated financial entity of a violation. Depending on the severity and frequency of the problem, the Agency may also:
208: developing educational programs and workshops, in collaboration with organizations across the country, to help Canadians manage their finances and make informed financial decisions. ----
395:
In
December 2018, the Government of Canada passed legislation to modernize Canada’s Financial Consumer Protection Framework (FCPF) and to strengthen FCAC’s mandate and grant it additional powers. The
457:
FCAC’s last permanent
Commissioner, Judith Robertson, began her appointment on August 19, 2019, for a term of 5 years. She was replaced by interim Commissioner Werner Liedtke on February 23, 2024.
347:
In its first year, FCAC established a website and a call centre for consumers to make complaints and ask questions about their rights and responsibilities regarding financial products and services.
381:
in 2010 which provided for federally regulated credit unions, FCAC became responsible for supervising and monitoring such credit unions’ compliance with applicable legislation and regulations.
188:
promoting the adoption of policies and procedures designed to implement legislation, regulation, voluntary codes of conduct and public commitments by federally regulated financial entities
466:
Agency's commissioner can impose a variety of penalties on institutions found to be in violation of consumer measures, including monetary penalties and public naming of the institution.
574:
229:
508:
199: helping consumers better understand financial products and services, as well as their rights and responsibilities when dealing with financial institutions.
833:
177:
promoting greater financial literacy by informing consumers about their rights and responsibilities when dealing with financial entities and payment card network operators.
843:
364:
increased ability to do research, field testing and stakeholder engagement to provide information to the government on financial consumer trends and emerging issues
174:
ensuring and enforcing compliance by the financial sector with federal legislation and regulations, as well as voluntary codes of conduct and public commitments
807:
319:
FCAC’s creation was one in a series of initiatives resulting from an extensive period of study and public consultation on financial sector reform.
399:
outlines FCAC's functions, administration and enforcement powers, and lists the sections of federal laws and regulations under its supervision.
858:
333:
A broad consensus on ways to improve the financial sector emerged through this process. In June 1999, the government released a policy paper,
218:
complaints bodies. FCAC also supervises payment card network operators to determine whether they are in compliance with the provisions of the
447:
350:
In 2007, the
Government of Canada provided FCAC with an additional $ 3 million for the creation of the Financial Literacy Initiative.
205: monitoring and evaluating trends and emerging issues that may affect consumers of financial products and services.
838:
734:
534:
751:
191:
monitoring federally regulated financial entities’ compliance with voluntary codes of conduct and their own public commitments.
17:
419:, on the Agency's activities and on the performance of financial institutions in complying with consumer protection measures.
512:
225:
FCAC does not regulate foreign bank representative offices, fraternal benefit societies or cooperative credit associations.
185:
ensuring that the market conduct of federally regulated financial entities complies with federal legislation and regulations
561:
439:
367:
expanded consumer information role to cover all matters related to protecting consumers of financial products and services
443:
416:
781:
497:
848:
431:
312:
The Agency was established in 2001 by the federal government to strengthen oversight of consumer issues and expand
516:
501:
373:
promoting public awareness of the PCNA and the Code of Conduct for the Credit and Debit Card Industry in Canada.
853:
782:"Minister of Finance Announces Appointment of New Commissioner of the Financial Consumer Agency of Canada"
202: providing tools and resources to help Canadians understand and manage their finances.
808:"Government announces appointment of interim Commissioner of the Financial Consumer Agency of Canada"
470:
427:
412:
150:
61:
268:
154:
313:
641:
730:
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annually with an assessment of federally regulated institutions' compliance with legislation.
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responsibility for overseeing the Payment Card Networks Act (PCNA) and any related regulations
241:
683:
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596:
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In 2009, new federal legislation gave FCAC oversight over payment card network operators.
142:
119:
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came into force. FCAC opened its new Research Branch as part of its expanded mandate.
827:
759:
704:
326:
In September 1998, the Task Force presented the federal government with its report,
228:
A complete list of federally regulated financial institutions is available from the
408:
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seek a commitment from the financial entity to remedy the issue within a short time
105:
486:
423:
752:"Reforming Canada's Financial Services Sector -- A Framework for the Future"
37:
725:
Task Force on the Future of the Canadian Financial Services Sector (1998).
411:, appointed for a five-year term. The Commissioner reports annually to the
340:
The Financial Consumer Agency of Canada opened its doors in 2001 under the
785:
335:
Reforming Canada’s Financial Services Sector: A Framework for the Future
16:"FCAC" redirects here. For the arts centre in Melbourne, Australia, see
75:
392:
officially designated November as Financial Literacy Month in Canada.
71:
756:
Task Force on the Future of the Canadian Financial Services Sector
729:. Ottawa, Ontario: Department of Finance Canada. p. 260.
553:
shared on Twitter, Instagram, Facebook, LinkedIn and YouTube.
480:
147:
Agence de la consommation en matière financière du Canada
31:
Agence de la consommation en matière financière du Canada
727:
Change, Challenge, Opportunity: Report of the Task Force
575:
List of financial regulatory authorities by jurisdiction
454:
Strategy & Planning with Export Development Canada.
181:
Under its compliance mandate, FCAC is responsible for:
386:
Code of Conduct for the Credit and Debit Card Industry
230:
Office of the Superintendent of Financial Institutions
195:Under financial literacy, FCAC is responsible for:
114:
97:
89:
81:
67:
57:
49:
44:
8:
360:further expanded FCAC’s role in four areas:
25:
515:. Unsourced material may be challenged and
834:Federal departments and agencies of Canada
36:
597:"Financial Consumer Agency of Canada Act"
560:FCAC also offers a free online resource,
535:Learn how and when to remove this message
170:. Broadly, these two main elements are:
166:FCAC has a dual mandate, set out in the
844:Government agencies established in 2001
585:
397:Financial Consumer Agency of Canada Act
358:Financial Consumer Agency of Canada Act
342:Financial Consumer Agency of Canada Act
283:Financial Consumer Agency of Canada Act
168:Financial Consumer Agency of Canada Act
139:The Financial Consumer Agency of Canada
758:. Government of Canada. Archived from
24:
705:"Cooperative Credit Associations Act"
7:
615:
613:
591:
589:
513:adding citations to reliable sources
356:On July 11, 2010, amendments to the
562:financial wellness in the workplace
448:Metropolitan Life Insurance Company
262:Cooperative Credit Associations Act
26:Financial Consumer Agency of Canada
14:
377:As a result of amendments to the
485:
426:, a former senior executive and
303:take other actions as necessary.
469:FCAC's Commissioner reports to
18:Footscray Community Arts Centre
750:Department of Finance Canada.
684:"Trust and Loan Companies Act"
328:Change, Challenge, Opportunity
1:
859:Consumer protection in Canada
256:Trust and Loan Companies Act
149:, FCAC) is an agency of the
621:"Payment Card Networks Act"
461:Supervision and enforcement
422:The first Commissioner was
877:
432:House of Commons of Canada
128:/financial-consumer-agency
15:
663:"Insurance Companies Act"
316:in the financial sector.
300:impose criminal sanctions
297:impose a monetary penalty
277:Payment Card Networks Act
220:Payment Card Networks Act
35:
30:
839:Consumer rights agencies
550:online interactive tools
250:Insurance Companies Act
434:. He retired in 2006.
146:
444:Department of Finance
509:improve this section
440:Privy Council Office
428:Member of Parliament
413:Parliament of Canada
407:FCAC is headed by a
384:In August 2010, the
151:Government of Canada
62:Government of Canada
788:on February 2, 2014
417:Minister of Finance
269:Green Shield Canada
155:consumer protection
27:
477:Consumer education
314:consumer education
849:Banking in Canada
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45:Agency overview
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762:on May 9, 2013
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668:February 1,
647:February 8,
424:Bill Knight
828:Categories
642:"Bank Act"
581:References
471:Parliament
813:August 5,
496:does not
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232:(OSFI).
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