The Financial Consumer Agency of Canada (FCAC) published research insights that reveal where Canadians are turning for various types of financial advice. FCAC’s Spotlight on Canadians’ use of financial advice showcases data from the 2024 Canadian Financial Capability Survey (the CFCS), a national survey conducted every five years since 2009. The full release is available online. Contact media@fcac-acfc.gc.ca.
Canadians are encouraged to talk about money this November during the 15th annual Financial Literacy Month, led by the Financial Consumer Agency of Canada (FCAC). This year’s theme, “Talk Money,” builds on the momentum of last year’s campaign to help break the silence around personal finances. FCAC encourages financial literacy stakeholders to spread the word this … Read more
FCAC applied an administrative monetary penalty of $5.5 million on the Toronto-Dominion Bank (TD) for a violation of consumer provisions in the Bank Act. The violation is described in Summary of Proceeding #3. TD has paid the penalty. TD failed to provide consumers of certain mortgage, home equity lines of credit, personal loans and small business loans (Loan … Read more
Financial Consumer Agency of Canada Commissioner Benzvy Miller issued a statement: “Since the implementation of new powers for FCAC in 2020, and the implementation of the new and enhanced protections for bank customers in 2022, the Agency has pursued a continuous improvement approach aimed at making regulatory oversight more responsive, transparent and efficient. This commitment is reflected … Read more
The Financial Consumer Agency of Canada is calling on banks to improve how they handle customer complaints following a review of small and medium-sized institutions. FCAC found that many banks failed to treat all customer dissatisfaction as complaints, missed the 56-day resolution deadline, and submitted incomplete records. “Effective and timely complaint handling is a cornerstone … Read more
Thirteen federally regulated financial institutions, including Canada’s six largest banks, have signed on to a modernized Commitment on Low-Cost and No-Cost Accounts. By Dec. 1, 2025, Canadians will benefit from modernized no-cost and low-cost accounts costing no more than $4 per month. Going forward, under these accounts, Canadians will have access to 50 per cent more debit transactions per … Read more
The Financial Consumer Agency of Canada published the findings of a thematic review conducted to find out how small and medium-sized banks have implemented electronic alerts (e-alerts). The full release is available online. Contact media@fcac-acfc.gc.ca.
Financial Consumer Agency of Canada Commissioner Benzvy Miller issued a statement: “Tomorrow, Sat. March 8, we celebrate International Women’s Day. Globally we unite to “#AccelerateAction” for women’s equality, while in Canada we observe the theme of “Strength in every story.” Stories of women’s strength and resilience abound. Throughout my career I have worked with vulnerable communities and … Read more
Canadians with mortgages from federally regulated financial institutions (FRFIs) benefitted from more than 8,000 mortgage relief measures between July 5, 2023, and June 30, 2024. These relief measures enabled mortgage holders to avoid more than $4,000,000 in penalties and fees they would have incurred when dealing with late or missed mortgage payments. These results are … Read more
The Financial Consumer Agency of Canada (FCAC) is launching a Canada-wide campaign to destigmatize conversations about money. This November, FCAC is asking Canadians to do one thing to boost their financial knowledge – such as checking their credit score, talking to a friend about budgeting or using FCAC’s free tools and resources – then share their … Read more
