What sort of impact is the the Financial Consumer Agency of Canada really having?
Financial Consumer Agency of Canada (FCAC) Commissioner Lucie Tedesco has released the agency’s 2015-2016 annual report. The publication details a variety of achievements, covering objectives from raising financial literacy to contributing to policy discussions.
The agency, which works under the federal government, aims to help Canadians through the dynamic financial marketplace by functioning in three ways: as a regulator, an educator, and a partner.
As a regulator, the FCAC supervises 367 financial entities. Over the 2015-16 period, it investigated 708 compliance issues, all of which were addressed in a timely and effective manner.
As an educator, it launched the National Strategy for Financial Literacy–Count me in, Canada, which mobilizes public, private, and non-profit sectors of the economy to enhance Canadians’ knowledge, skills, and confidence in making responsible financial decisions. It also published educational and multimedia content to promote consumer rights and responsibilities, coordinated its most successful Financial Literacy Month ever, and expanded the Canadian Financial Literacy Database.
As a partner, it conducted separate sessions with consumer groups and financial service providers to discuss financial consumer protection issues, communicate its expectations towards the industry, and share research on market trends and emerging risks. Work has also been initiated on a new supervision framework, which would clearly outline principles and tools that FCAC will employ to ensure responsible market conduct.
“The proliferation of financial products and services makes it all the more important that FCAC continue to hone its supervisory and financial education efforts in support of consumer protection,” said Tedesco.
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The agency, which works under the federal government, aims to help Canadians through the dynamic financial marketplace by functioning in three ways: as a regulator, an educator, and a partner.
As a regulator, the FCAC supervises 367 financial entities. Over the 2015-16 period, it investigated 708 compliance issues, all of which were addressed in a timely and effective manner.
As an educator, it launched the National Strategy for Financial Literacy–Count me in, Canada, which mobilizes public, private, and non-profit sectors of the economy to enhance Canadians’ knowledge, skills, and confidence in making responsible financial decisions. It also published educational and multimedia content to promote consumer rights and responsibilities, coordinated its most successful Financial Literacy Month ever, and expanded the Canadian Financial Literacy Database.
As a partner, it conducted separate sessions with consumer groups and financial service providers to discuss financial consumer protection issues, communicate its expectations towards the industry, and share research on market trends and emerging risks. Work has also been initiated on a new supervision framework, which would clearly outline principles and tools that FCAC will employ to ensure responsible market conduct.
“The proliferation of financial products and services makes it all the more important that FCAC continue to hone its supervisory and financial education efforts in support of consumer protection,” said Tedesco.
Related stories:
Advisors armed in financial literacy battle
New Financial Literacy Chief gets down to business
