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FCAC Commissioner named chair of international regulators forum
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Canada’s Lucie Tedesco delivers her vision for FinCoNet, a global body for consumer-protection authorities
November 28, 2016 Ottawa, Ontario Financial Consumer Agency of Canada
Lucie Tedesco, Commissioner of the Financial Consumer Agency of Canada (FCAC), was appointed Chair of FinCoNet, an international organization of supervisory authorities responsible for financial consumer protection, on November 16, at the organization’s annual general meeting in Jakarta, Indonesia.
Ms. Tedesco has been at the heart of financial consumer protection throughout some of the most turbulent times in economic history. Because these events have an impact beyond national borders, regulators often turn to counterparts around the world for guidance and examples of best practices. As a result of opportunities to learn from and exchange ideas with other regulators, Ms. Tedesco has become a leader of influence within Canada, and beyond.
Building on her experience as FinCoNet’s Vice-Chair since 2013, Ms. Tedesco has developed a clear vision of priorities and goals for the global organization. In her speech to FinCoNet members and others assembled at last week’s meeting in Jakarta, she emphasized the value in advancing the financial consumer protection agenda and FinCoNet projects that support the organization’s shared aims.
- Ms. Tedesco was appointed FCAC Commissioner on September 4, 2013, for a term of up to five years.
- Prior to this appointment, she was Deputy Commissioner, a role she held since June 2008.
- The Commissioner reports annually to Parliament, through the Minister of Finance, on the Agency's activities and on the performance of financial institutions in complying with consumer protection measures.
- FinCoNet was created in 2013 in response to the focus on financial consumer protection worldwide, and on the need for better interaction, sharing and collaboration among supervisory bodies responsible for the oversight of national financial consumer protection regimes.
- FinCoNet brings together public authorities and other members from over 60 different countries and international organizations.
- Providing a forum for research, discussion and the exchange of information among regulators, the organization enhances consumer protection and strengthens consumer confidence by promoting effective supervisory standards and practices.
- FinCoNet replaced and continues to build on the work of an informal network of supervisory authorities that existed between 2003 and 2013.
“The complexity and variety of financial products and services available to consumers are growing at a rapid rate. It is more important than ever that regulators share experiences and keep each other informed of emerging trends. As FinCoNet Chair, I will work with my counterparts around the world to ensure consumers are protected at the same time as they benefit from innovation and flexibility in financial services.”
Commissioner of the Financial Consumer Agency of Canada
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