FCAC Commissioner Judith Robertson chaired the first meeting of the renewed Consumer Protection Advisory Committee which focused on the COVID-19 pandemic and provided an opportunity for its members to contribute their unique perspectives on the implications of the pandemic on the financial well-being of Canadians, the response of governments and financial institutions to the crisis, and the issues … Read more
On May 11, the Financial Consumer Agency of Canada (FCAC), announced the appointment of Frank Lofranco as Deputy Commissioner, Supervision and Enforcement. Reporting to the Commissioner, Lofranco will be responsible for providing strategic leadership and operational oversight for FCAC’s supervision and enforcement activities. FCAC’s role is to protect financial consumers by strengthening the financial literacy of Canadians … Read more
To mark the release of the financial literacy results from the 2018 Programme for International Student Assessment survey conducted by the Organisation for Economic Co-operation and Development, the Financial Consumer Agency of Canada is encouraging parents to talk to their children about money and finances during these challenging times. The results of the triennial worldwide survey … Read more
The Financial Consumer Agency of Canada (FCAC) released the results of its review of banks’ procedures for handling consumer complaints and its review of the operations of external complaints bodies (ECBs). FCAC found that while banks resolve the majority of complaints quickly and to the consumer’s satisfaction, consumers also face delays and complications when escalating their … Read more
The Financial Consumer Agency of Canada (FCAC) launched a call for applications for its Consumer Protection Advisory Committee. This committee plays a key role by supporting FCAC’s Commissioner, Judith Robertson and the agency in carrying out its financial consumer protection mandate. Committee members will provide advice and share insights on FCAC priorities and objectives. Interested individuals have … Read more
The Financial Consumer Agency of Canada has released its 2018–2019 annual report. The report shows how FCAC has delivered on the commitments in its 2018-2019 Business Plan. The full release is available online. Call 613-941-4168.
The Financial Consumer Agency of Canada launched its new Budget Planner tool, which will help Canadians manage their financial goals. This evidence-based tool uses behavioural insights, enabling users to tailor their budget to their needs. FCAC’s Budget Planner offers instant personalized feedback, customizable budget templates, guidelines and reward badges to help Canadians easily prioritize their spending … Read more
The Financial Consumer Agency of Canada (FCAC) is warning Canadians to beware of unsolicited telephone calls from individuals asking for their personal and financial information. FCAC has learned of suspicious incidents involving telephone calls to Canadians that appear to come from FCAC’s Consumer Service Centre. The callers have been asking consumers for their SIN numbers … Read more
The banking industry adopted a Code of Conduct for the Delivery of Banking Services to Seniors. The Financial Consumer Agency of Canada will monitor banks to ensure they comply with the Code. The code is an important first step in guiding banks in their delivery of services to meet the needs of seniors. Banks who have … Read more
A report published by the Financial Consumer Agency of Canada suggests that although home equity lines of credit are widely sold, many consumers appear to lack awareness of the terms and conditions of this financial product, exposing them to the risk of over borrowing, debt persistence, uninformed decision-making and wealth erosion. The full release is … Read more
