- Name: FCAC (Financial Consumer Agency of Canada)
- Area of responsibility: Canada
- Supervision of the business units: Federally regulated financial entities, including banks, credit unions, external complaints bodies, insurance companies, and payment card network operators (Interac and credit card companies).
- Location: Ottawa, Ontario
- Key People: Judith Robertson
The Financial Consumer Agency of Canada (FCAC) is a Canadian government agency responsible for protecting and educating consumers in the financial sector. It was established in 2001 as part of the federal government’s Financial Consumer Agency of Canada Act.
The FCAC’s mandate is to ensure that financial institutions in Canada comply with consumer protection laws and regulations, and to promote financial literacy among Canadians. The agency oversees the following areas:
- Consumer protection: The FCAC ensures that financial institutions follow rules and regulations related to consumer protection, including those related to disclosure and transparency, fees and charges, and complaint resolution.
- Financial literacy: The FCAC provides resources and tools to help Canadians understand and manage their finances, including information on budgeting, saving, investing, and credit.
- Research and policy: The FCAC conducts research on financial issues affecting consumers and makes recommendations to policymakers on how to improve consumer protection and financial literacy in Canada.
- Industry monitoring: The FCAC monitors and analyzes the financial industry to identify emerging issues and trends that may affect consumers.
The Financial Consumer Agency of Canada (FCAC) can impose fines and penalties on financial institutions for violating consumer protection laws and regulations. The penalties can range from up to $10,000 per violation for individuals, up to $100,000 per violation for small businesses, and up to $500,000 per violation for large businesses. The FCAC can also issue compliance orders and revoke registration for non-compliant institutions, and refer serious cases for criminal prosecution. These measures are in place to deter non-compliance and protect consumers from financial harm.
We rate them on Green