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Excelling as a regulator, an educator, a partner: FCAC releases 2015-2016 Annual Report
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Agency worked towards defending financial consumers’ interests and fostering a more transparent, fair and secure financial services marketplace.
October 11, 2016 Ottawa, Ontario Financial Consumer Agency of Canada
Lucie Tedesco, Commissioner of the Financial Consumer Agency of Canada (FCAC), released the Agency’s 2015–2016 Annual Report. It details how the Agency sharpened its supervisory approach, built Canadians’ awareness of their financial rights and responsibilities, deepened its engagement with stakeholders and contributed to policy discussions.
The report includes messages from the Commissioner, Deputy Commissioner and Financial Literacy Leader. It also contains the Agency’s scorecard in achieving its six strategic priorities and an infographic illustrating the year’s highlights.
FCAC’s 2015–2016 achievements include:
- Investigated 708 potential or actual breaches of legislation, regulations, voluntary codes of conduct and public commitments. All issues were addressed in a timely and effective manner.
- Hosted its first annual Consumer Groups Summit. The summit brought together 14 consumer groups to discuss Canadian financial consumer protection issues.
- Held the second annual Industry Sessions with banks, insurance companies, external complaints bodies, payment card network operators and other market participants. These sessions presented opportunities to communicate FCAC’s expectations towards the industry and share research on market trends and emerging risks to consumers.
- Initiated work on a new Supervision Framework to clearly outline the principles and tools that FCAC will use to oversee responsible market conduct moving forward.
- Launched the National Strategy for Financial Literacy–Count me in, Canada. The strategy mobilizes all sectors of the economy–public, private and non-profit–to enhance Canadians’ knowledge, skills and confidence in making responsible financial decisions.
- Published research reports including Managing Money and Planning for the Future: Key Findings from the 2014 Canadian Financial Capability Survey and Auto Finance: Market Trends.
- Promoted public awareness of consumer rights and responsibilities through educational and multimedia content on auto financing, debit/credit card fraud, mortgage prepayment penalties and credit card cash advances.
- Coordinated the Agency’s most successful Financial Literacy Month (FLM) to date. Hundreds of events, media mentions, social media conversations and Web visits set the bar high for #FLM2016.
- Expanded the Canadian Financial Literacy Database to feature 1,151 financial literacy resources (up 27 percent), 1,696 events (up 23 percent) and five funding programs–attracting more than 31,500 unique visits (up 66 percent).
- Implemented a People Management Framework to ensure the right skills and competencies are in place for FCAC to meet program needs, ensure effective people management and realign efficiencies.
“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. This year, FCAC continued to solidify itself as Canada’s financial consumer watchdog–ready for any challenge on the road ahead. The future is now and FCAC is ready.”
Commissioner, Financial Consumer Agency of Canada
“In 2015–2016, we strengthened our capacity to research and analyze trends in financial consumer issues. We also made great strides in updating the tools we use to promote, monitor and enforce responsible market conduct.”
Deputy Commissioner, Financial Consumer Agency of Canada
“Reflecting on the past year, I am proud of the progress we’ve made in helping Canadians acquire the knowledge, skills and confidence for a lifetime of sound financial decisions. We launched our national strategy, released key research findings and coordinated the most successful Financial Literacy Month to date.”
Financial Literacy Leader, Financial Consumer Agency of Canada
Media Relations Officer
Financial Consumer Agency of Canada
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