The agency has scored well for compliance actions
The Federal Consumer Agency of Canada says that it has met its targets on three key areas of supervision and promotion following the implementation of its new Supervision Framework for federally regulated financial institutions (FRFEs).
In its annual report 2016-17, FCAC highlights that it achieved a 100% score for percentage of cases “where corrective actions taken are commensurate with the level of noncompliance as set out in the Compliance Framework”; and for “investigations of potential noncompliance with the consumer provisions are completed within the legislated two-year time frame.”
It also met the 90% target for “Compliance action plans and compliance agreements are implemented by FRFEs per agreed-upon timelines.”
The agency reports that through its supervision work, financial institutions reimbursed $10.5 million to 1.2 million consumer accounts to make up for inaccurate disclosure of fees or interest rate calculations, or situations in which accounts were charged incorrectly.
"As FCAC passed its fifteenth anniversary in 2016-2017, I was struck by how the pace of change in the financial sector has accelerated,” commented Lucie Tedesco, Commissioner, Financial Consumer Agency of Canada. “I am proud of the Agency's accomplishments in safeguarding the financial well‑being of Canadians while we seized new opportunities that arose during a challenging year.”
The agency says it regulated 353 regulated financial entities,expanded the Canadian Financial Literacy Database to feature 1,371 resources, and hosted a National Research Symposium on Financial Literacy in Moncton, New Brunswick.
At the request of the Minister of Finance, FCAC also reviewed best practices in financial consumer protection across Canada, which will inform new proposals to improve protection for financial consumers.
The report is available on the FCAC website.
In its annual report 2016-17, FCAC highlights that it achieved a 100% score for percentage of cases “where corrective actions taken are commensurate with the level of noncompliance as set out in the Compliance Framework”; and for “investigations of potential noncompliance with the consumer provisions are completed within the legislated two-year time frame.”
It also met the 90% target for “Compliance action plans and compliance agreements are implemented by FRFEs per agreed-upon timelines.”
The agency reports that through its supervision work, financial institutions reimbursed $10.5 million to 1.2 million consumer accounts to make up for inaccurate disclosure of fees or interest rate calculations, or situations in which accounts were charged incorrectly.
"As FCAC passed its fifteenth anniversary in 2016-2017, I was struck by how the pace of change in the financial sector has accelerated,” commented Lucie Tedesco, Commissioner, Financial Consumer Agency of Canada. “I am proud of the Agency's accomplishments in safeguarding the financial well‑being of Canadians while we seized new opportunities that arose during a challenging year.”
The agency says it regulated 353 regulated financial entities,expanded the Canadian Financial Literacy Database to feature 1,371 resources, and hosted a National Research Symposium on Financial Literacy in Moncton, New Brunswick.
At the request of the Minister of Finance, FCAC also reviewed best practices in financial consumer protection across Canada, which will inform new proposals to improve protection for financial consumers.
The report is available on the FCAC website.
