With the passing of Bill C-69, the Budget Implementation Act, 2024, the Financial Consumer Agency of Canada (FCAC) officially assumes the responsibility of overseeing, administering and enforcing Canada’s Consumer-Driven Banking Framework. The full release is available online. Call 343-999-1450.
Financial Consumer Agency of Canada (FCAC) Commissioner Judith Robertson and Bank of Canada Governor Tiff Macklem officially launched the 13th annual Financial Literacy Mont. This year’s theme is “Managing Your Money in a Changing World”, which reflects a complex and changing financial landscape, and addresses the financial issues most affecting Canadians. The full release is available online. Contact media@fcac-acfc.gc.ca.
Finance Minister and Deputy Prime Minister Chrystia Freeland (University-Rosedale, Ont.) announced the designation of the Ombudsman for Banking Services and Investments (OBSI) to serve as Canada’s single external complaints body for banking. OBSI will assume its responsibilities as Canada’s single external complaints body on Nov. 1, 2024, following a transition period of 12 months. The full … Read more
In response to the challenges facing consumers in the current economic environment, Financial Consumer Agency of Canada (FCAC) has published a Guideline on Existing Consumer Mortgage Loans in Exceptional Circumstances. The guideline sets out how FCAC expects federally regulated financial institutions to provide tailored support to consumers with mortgages on their principal residence who are experiencing … Read more
The Financial Consumer Agency of Canada published a report on the results of its public opinion research into Canadians’ awareness and understanding of open banking and financial technology (fintech) services. The full release is available online. Contact media@fcac-acfc.gc.ca.
The Financial Consumer Agency of Canada (FCAC) launched a call for applications for eligible entities to serve as Canada’s single banking external complaints body (ECB). The process supports the government’s Budget 2023 commitment to achieve a fairer external complaints handling system for financial consumers. In Budget 2023, the government announced its intention to strengthen the external … Read more
Financial Consumer Agency of Canada Commissioner Judith Robertson issued a statement: “The Financial Consumer Agency of Canada’s research indicates that women face different and greater financial challenges than men, including systemic and societal barriers to building financial resilience. If we provide the right resources and opportunities, we can help more women achieve equal outcomes. That’s why … Read more
The Office of the Superintendent of Financial Institutions, Financial Consumer Agency of Canada, and the Canada Deposit Insurance Corporationare issued a statement to all regulated entities that carry out crypto-related services or engage in crypto-asset activities, reinforcing the expectation that they adhere to all applicable current regulatory requirements and any guidance when carrying out any crypto-related services … Read more
The Financial Consumer Agency of Canada (FCAC) issued a statement in response to the publication of independent evaluation reports on external complaints bodies: “In accordance with the requirements of the Bank Act, the ADR Chambers Banking Ombuds Office (ADRBO) and the Ombudsman for Banking Services and Investments (OBSI) published the final reports of independent evaluations of the … Read more
Starting June 30, Canadians will benefit from new and enhanced protections in their dealings with banks. The protections fulfil commitments made by the federal government in 2018 to introduce a new Financial Consumer Protection Framework in the Bank Act. The framework holds banks to a higher standard and requires them to take greater responsibility for consumer outcomes. … Read more
