Press Release Department: Federal - Financial Consumer Agency of Canada

The Financial Consumer Agency of Canada released the Progress Report on Canada’s National Research Plan on Financial Literacy 2016-2018. The full release is available online. Call 613-941-4168.

The Financial Consumer Agency of Canada announced that nine leading Canadians have been named to the Consumer Protection Advisory Committee. The advisory committee will be chaired by Commissioner Lucie Tedesco and will support the Agency’s financial consumer protection mandate. The full release is available online. Call 613-941-4168.

The Financial Consumer Agency of Canada has published a report on its review of domestic banks’ retail sales practices. The report, which follows 9 months of extensive work, finds that bank cultures strongly anchored in sales can increase the risks of mis-selling to consumers and of bank employees breaching market conduct obligations. The full release … Read more

The Financial Consumer Agency of Canada launched its new and improved Account and Credit Card Comparison Tools. FCAC has redesigned the tools to make it easier for consumers to compare bank accounts and credit cards and help them decide which product best meets their needs. FCAC has also ensured the tools are easily accessible on … Read more

The Financial Consumer Agency of Canada has published its 2016-2017 Annual Report: Protect – Inform – Collaborate. Through the Agency’s supervision work, financial institutions reimbursed $10.5 million to 1.2 million consumer accounts to make up for inaccurate disclosure of fees or interest rate calculations, or situations in which accounts were charged incorrectly. The impact of FCAC’s National Strategy … Read more

The Financial Consumer Agency of Canada and the Investment Industry Regulatory Organization of Canada announced that they have signed a Memorandum of Understanding that will strengthen consumer/investor protection. The two national regulators have agreed to assist each other and exchange pertinent information to ensure the effective regulation of those entities and individuals under FCAC’s and IIROC’s … Read more

The FCAC issued a compliance bulletin to reiterate its expectation that federally regulated financial institutions must fully investigate allegations of unauthorized transactions on these cards. Financial institutions must investigate whether the circumstances that lead to the unauthorized transactions were beyond the cardholder’s control and must take into account all relevant factors before making a finding of … Read more

According to a report released by the Financial Consumer Agency of Canada home equity lines of credit may put some Canadians at risk of over-borrowing. The report, titled Home Equity Lines of Credit: Market Trends and Consumer Issues, centers on the use of HELOCs by consumers, on how banks offer them and the benefits and risks … Read more

According to a global report published by the Organisation for Economic Co-operation and Development Canadian youth are among the world’s top-performing students in terms of financial literacy. Canadian students exceeded the OECD average in performing tasks associated with advanced levels of financial literacy. Compared to the OECD average of 78 percent, 87 percent of Canadian students performed … Read more

To strengthen financial consumer protection in Canada, Lucie Tedesco, Commissioner of the Financial Consumer Agency of Canada, launched a call for applications for her new Consumer Protection Advisory Committee. This committee will play a key role by supporting the Commissioner in carrying out the Agency’s financial consumer protection mandate. The full release is available online. … Read more