Financial Consumer Agency of Canada Business Plan 2022–2023 to 2024–2025
Message from the Commissioner
I am pleased to present the 2022–2023 Business Plan for the Financial Consumer Agency of Canada (FCAC). It provides information on our planned initiatives, the results we expect to achieve during the upcoming fiscal year, and how we will advance the Agency’s strategic goals set out in our 2021 to 2026 Strategic Plan.
As we embark on this ambitious plan, we are mindful that the COVID-19 pandemic has resulted in many challenges for Canadians, particularly the most vulnerable.
The plan reflects the multi-year nature of our investments and new initiatives. One of the challenges at this uncertain time is how to continue progressing as an agency while remaining flexible and adaptable in the face of a changing environment. To that end, we have identified 4 critical priority areas that are fundamental to fulfilling our mandate and will guide our decisions.
Our first priority area is to advance the new Financial Consumer Protection Framework (FCPF). This marks an important milestone for financial consumer protection in Canada and the plan recognizes the importance of FCAC building the capacity to implement this higher standard of financial consumer protection.
Our second priority area is to advance the goals of the National Financial Literacy Strategy. The pandemic has underscored the need to produce better outcomes for financial consumers, adding urgency to our work with stakeholders in the financial ecosystem to help Canadians build financial resilience. The plan reflects the need for important progress through a nationally coordinated and evidence-based approach.
Our third priority area is to enhance our ability to contribute our consumer protection expertise to policy development. This includes supporting the federal government’s commitment to move to a single external complaints ombuds for banking and to launch a made-in-Canada model of open banking. We will also expand our research capacity to monitor and evaluate emerging consumer trends.
Our fourth priority area is to enhance our capacity to be responsive to an increasingly digital world, where technology and data are reshaping how financial products and services are created, sold and used. Throughout this plan there is a focus on advancing our data and analytics strategy and ensuring our people have the necessary tools to derive new insights and conduct the important work of the Agency.
Beyond the 4 priority areas and the specific initiatives and activities outlined in the plan, we will continue to enhance and advance FCAC’s core functions—that is, the important daily work to protect, supervise and educate—which enable the Agency to fulfill its legislated requirements, as set out in the Financial Consumer Agency of Canada Act and other statutes.
Our diverse and talented employees are the foundation for this plan, and I am committed to providing them with the support and resources they need to continue serving the interests of Canadians with operational excellence. Underlying all our work is an inclusive organizational culture of innovation, collaboration and excellence. We remain focused on our people’s well-being and on enhancing the tools, business processes and organizational functions that support their service to Canadians.
The uncertain external environment has underscored the importance of FCAC’s work to protect financial consumers and strengthen their financial literacy. FCAC’s 2022–2023 Business Plan demonstrates that we are ready to overcome the challenges and capitalize on the opportunities before us.
About FCAC
Our raison d’être
The Financial Consumer Agency of Canada (FCAC) was established in 2001 to protect the rights and interests of consumers of financial products and services.
Our mandate
FCAC is a federal government agency that derives its mandate from the Financial Consumer Agency of Canada Act.
Our vision
To be a leader and innovator in financial consumer protection
Our mission
- To protect consumers of financial products and services
- To supervise Regulated Entities
- To educate Canadians and strengthen their financial literacy
Our core responsibility: the protection of financial consumers
FCAC’s core responsibility is to protect financial consumers. This is achieved through the delivery of 2 programs designed to:
- promote, supervise and enforce market conduct obligations established by legislation, codes of conduct and public commitments
- strengthen the financial knowledge, skills and confidence of Canadians to enhance their financial literacy
FCAC’s strong foundation of internal services enables it to support its core responsibility and deliver on its priorities. (See Annex A for performance information related to this core responsibility.)
FCAC’s strategic goals
In September 2021, FCAC released its 5-year strategic plan. This ambitious road map identifies 4 strategic goals, associated enabling initiatives, and foundational elements that will focus our efforts to fulfill our mandate. Over the next 5 years, efforts to advance these strategic goals will guide our actions and form the cornerstones of the Agency’s annual business plan. The goals are to:
1. Be the national leader in financial consumer protection
FCAC provides national leadership in financial consumer protection through the effective supervision of Regulated Entities and through constructive contributions to policy formulation.
2. Strengthen the financial literacy of Canadians for an increasingly digital world
FCAC strengthens the financial literacy of Canadians through educational tools and resources, research, experimentation and stakeholder collaboration and partnerships to foster responsible financial behaviours and decision making.
3. Be the authoritative source of Canadian financial consumer protection information
FCAC is recognized by Canadians, partners and stakeholders as a trusted source of unbiased, evidence-based information pertaining to the protection of financial consumers.
4. Enable the future of work
FCAC invests in its people and optimizes its workplace and processes to enable an inclusive culture of innovation, collaboration and excellence.
Key risks
FCAC’s 5-year strategic plan describes emerging risks in the external environment that have the potential to impact the Agency’s ability to achieve its strategic goals. Operational risks are the internal factors that relate to systems, people, and processes. For this business plan, 3 key operational risks have been identified:
- external crisis management: a risk that FCAC is not prepared to adequately address a national or global crisis such as an economic collapse, a calamitous banking incident, a climatic disaster or public threat.
- people management: a risk that the challenges in attracting or developing specialized expertise may impede the Agency in fulfilling its evolving mandate.
- IT capacity and security: a risk that the Agency does not have adequate capacity to meet future demands for information and data management, enterprise solutions and business intelligence services, and IT operations.
FCAC has implemented strategies to mitigate these risks, and its governance bodies review them regularly.
2022–2023 planning context
External environment considerations
FCAC strives for operational agility and responsiveness through the proactive monitoring of national and global trends and emerging issues. The current environment presents opportunities and challenges for the Agency to advance its consumer protection mandate.
The COVID-19 pandemic touched all aspects of FCAC’s mandate as the Agency monitored relief measures offered by banks, responded to COVID-19 related complaints and compliance issues, conducted research to track the financial well-being of Canadians and provided resources to help Canadians make informed financial decisions during challenging times.
In July 2021, FCAC released Make Change that Counts: National Financial Literacy Strategy 2021–2026. The Strategy’s focus is on building Canadians’ financial resilience and supporting a more accessible, inclusive and effective financial ecosystem. It reflects the lessons learned from the first national strategy and the pandemic.
Although risks and uncertainties remain, Canada has begun a slow and steady march toward a post-pandemic recovery. However, as new COVID-19 variants manifest, economic challenges persist, and unanticipated shocks occur, FCAC will need to maintain flexibility and frequently adapt its efforts to reflect the changing circumstances.
Diversity and inclusion considerations
FCAC takes an intersectional approach to fulfilling its mandate, seeking to understand and consider Canada’s diverse population segments’ demographic and socioeconomic characteristics, behaviours, motivations, challenges and communication preferences, paying particular attention to vulnerable groups.
FCAC’s research indicates that financial vulnerability affects a wide variety of people, regardless of culture, community, or background. While vulnerability is not limited to certain groups or demographics, systemic barriers have led to certain groups being more likely to face financial vulnerability.
FCAC’s interventions are developed and adapted with a view to addressing the diverse needs of different populations, promoting equitable access to financial products and services, and reducing any identified systemic barriers and discrimination in the financial sector.
Changing financial sector considerations
The financial services sector is evolving at an accelerated rate due to new entrants, global players and changing business models. New technology and banking practices bring the potential for innovation that can unlock tremendous value for financial consumers. They can also help solve seemingly intractable problems to make financial services more fair, accessible and inclusive.
However, transformation can create new issues as it solves old ones. Many new entities in the marketplace operate beyond the traditional perimeter of regulation and without well-established rules of conduct defined in legislation. Also, rapid change introduces new complexity and the potential for confusion and risks for consumers.
In this plan, FCAC strives to achieve the right balance between enabling innovation while ensuring that consumers remain protected and their confidence in the financial system is preserved.
Budgetary planning summary
A challenging environment demands an ambitious plan to address current priorities while achieving long-term goals. FCAC recognizes that adjustments and trade-offs may be required when competing demands for resources arise.
The need for increased operational capacity has been identified in previous business plans and continues over the 3-year planning horizon outlined in this plan. The environmental factors identified above, and the expanded legislative obligations of the Agency have contributed to the planned increases that can be summarized in the following 3 categories:
- Catch up on past plans. The Agency has anticipated an increased requirement for resources since 2018. However, our ability to realize the plans for growth have been impacted by delays in recruiting and investment spending in IT and office modernization.
- Build on current capabilities. To deliver effective and evidence-based initiatives, additional investments are required to bolster the Agency’s data and analytics, and strategic policy functions. FCAC will create new teams and realign its resources to better reflect these demands.
- Grow capacity to meet the future. The Agency anticipates future demands for data, research and analytic expertise which requires investments in the Agency’s business capabilities and resources.
The increase in year 1 of the plan over the previous plan is a result of the imperatives created by the first two categories. The subsequent increases are expected to moderate thereafter as non-recurring investments in IT infrastructure and office modernization are completed. The table below identifies the planned spending over the next 3 years.
| Programs and Internal Services | 2022–2023 planned expenses | 2023–2024 planned expenses | 2024–2025 planned expenses |
|---|---|---|---|
| Supervision and Promotion | 12.6 | 14.1 | 14.5 |
| Financial Literacy | 8.4 | 9.5 | 9.8 |
| Subtotal | 21.1 | 23.6 | 24.3 |
| Internal Services | 36.2 | 33.3 | 33.5 |
| Total | 57.3 | 56.9 | 57.7 |
Note: Totals may not add due to rounding.
2022–2023 planning highlights
This section presents the key enabling initiatives and activities that FCAC plans to undertake from April 1, 2022, to March 31, 2023 to advance its strategic goals. These initiatives and activities enhance FCAC’s core business functions—that is, the daily work to protect, supervise and educate—which contribute to fulfilling the Agency’s legislated requirements as set out in the Financial Consumer Agency of Canada Act and other statutes.
Strategic goal: Be the national leader in financial consumer protection
As a regulator, FCAC protects financial consumers by supervising the compliance of Regulated Entities with their market conduct obligations established by legislation, codes of conduct and public commitments. The Supervision Framework describes the variety of supervisory instruments and activities the Agency undertakes to promote, monitor and enforce market conduct obligations.
Enabling initiative: Implement the Financial Consumer Protection Framework
The Financial Consumer Protection Framework (FCPF) in the Bank Act and the Financial Consumer Agency of Canada Act introduces a suite of regulatory changes that enhance consumer protection. It also introduces new and enhanced powers to FCAC’s supervisory authority. The final elements of this important legislation will come into force on June 30, 2022.
2022–2023 activities:
- Launch a secure complaint reporting portal. The FCPF introduces the requirement for banks to submit more comprehensive complaints data to FCAC. The Agency is building a portal to provide banks an automated means of transmitting their information on a quarterly basis.
- Implement whistleblower provisions. The FCPF introduces a new requirement for banks to receive reports of wrongdoing from their employees and for FCAC to receive whistleblowing disclosures. Following the publication in early 2022 of a guideline for banks, FCAC will implement a formal whistleblower program to support the specific requirements in the legislation coming into force.
- Develop and implement a consumer-focused communications strategy. In support of the coming-into-force of the FCPF, FCAC will inform consumers of its new measures and enhanced protections, and increase awareness and understanding of its significance to consumer protection in Canada, through a variety of public affairs activities. FCAC’s online content will also be updated and optimized, with an emphasis on information for financial consumers on their rights and responsibilities when dealing with financial institutions.
Enabling initiative: Strengthen the risk-based, outcome-driven supervisory program
FCAC’s supervision program is designed to be risk-based and outcome-driven and seeks to promote and enable the compliance of Regulated Entities through proactive engagement and the early identification of emerging issues. Regulated Entities are classified by the level of market conduct risk relative to legislative requirements that is present in their business. These classifications, in turn, guide the nature and intensity of FCAC’s supervision work.
2022–2023 activities:
- Initiate a thematic review. Thematic reviews assess compliance or compliance risks. Reviews either have a focused scope such as an examination of the offering and sale of products and services like mortgages, reverse mortgages and home equity lines of credit, or are broad-scaled such as an analysis of bank preparedness to implement relief measures. In 2021–2022, FCAC laid the foundation for an ongoing, cyclical thematic review function by establishing the work unit’s governance and organizational structure and staffing positions. The team will become operational in 2022–2023 and will initiate a review.
- Establish a regulatory data analytics and reporting team. FCAC will develop capacity, expertise and governance to leverage data-driven techniques by establishing a dedicated regulatory data analytics and reporting team. Moving forward, this investment will result in the effective use of data to inform the supervision function and resource allocation. It will also improve the identification and analysis of emerging risks and provide an enhanced reporting capability. The Agency’s focus in 2022–2023 will be on implementing the governance structure and staffing positions; it is anticipated that the team will be fully operational in 2023–2024.
Enabling initiative: Provide expertise to contribute to policy development
FCAC’s strategic policy function serves to develop timely, evidence-based analysis and advice on emerging financial protection issues that impact consumers. Where appropriate, FCAC contributes to the development of Government of Canada financial, regulatory and consumer protection-oriented policies.
2022–2023 activities:
- Contribute to the development of a Canadian open banking framework. FCAC will conduct research on consumer understanding and usage of open banking and will contribute expertise on financial consumer perspectives and protections to the development of an open banking framework.
- Advance consumer protection policy development. FCAC will conduct research and gather data on Canadians’ knowledge and use of various financial products and services including bank fees, high-cost loans and other financial services provided by non-bank entities. FCAC will collaborate with its federal financial oversight partners to advance consumer protection, including supporting the move to a single external complaints ombuds for banking, strengthening consumer data protection practices, and contributing expertise to payments modernization and the review of the Code of Conduct for the Credit and Debit Card Industry in Canada.
Strategic goal: Strengthen the financial literacy of Canadians for an increasingly digital world
Navigating Canada’s financial landscape is a challenge for many people due to the growing complexity of financial products and services, the number of choices and providers, and the digitalization of finance. Increasing the financial literacy of Canadians to meet these challenges is a key component of FCAC’s mandate.
Enabling initiative: Implement the National Financial Literacy Strategy
In July 2021, FCAC released Make Change that Counts: National Financial Literacy Strategy 2021–2026. The Strategy provides a framework to build a more accessible, inclusive, and effective financial ecosystem for all Canadians. It is a 5-year plan which focuses on reducing barriers, catalyzing actions, and creating new opportunities for Canadians to achieve positive financial outcomes and build financial resilience.
2022–2023 activities:
- Produce and publish a measurement plan. FCAC will develop and consult on a measurement plan for the National Financial Literacy Strategy. This plan will define measurements that can be used to evaluate progress against the target outcomes of the Strategy, and in doing so, provide stakeholders across the ecosystem with a unified approach to assessing our collective impact.
- Strengthen existing partnerships and explore new ones. Engaging with Canadian and international cross-sectoral partners extends the Agency’s reach while mobilizing numerous organizations to collectively improve outcomes for financial consumers. FCAC will help build knowledge and research capacity among community organizations and researchers to encourage broad perspectives and innovative solutions. FCAC will engage with national financial literacy networks, the Interdepartmental Committee on Financial Literacy, and the Financial Literacy Working Group for Indigenous Peoples to advance the goals of the National Financial Literacy Strategy. The Agency will also continue its work with the Consumer Measures Committee and participate in the International Network on Financial Education, capitalizing on the collective efforts of 130 member countries to advance financial literacy globally.
Enabling initiative: Provide innovative tools and resources for better financial decision making
FCAC is both a direct provider of consumer tools and resources and a centralized access point – an impartial, trustworthy curator of evidence-based and unbiased information provided by others.
2022–2023 activities:
- Create a new consumer portal for the Canadian Financial Literacy Database (CFLD). The CFLD is a web portal that serves as a gateway for financial literacy information and resources across the country. Based on design research and testing conducted in 2021–2022, the CFLD will be reconfigured as part of a new consumer portal to offer an improved, user-friendly and engaging interface that can be used more easily and effectively by Canadians.
- Enhance educational web content, consumer tools and resources. FCAC regularly reviews and revises its existing resources to reflect legislative and regulatory changes, emerging trends, information gaps, and consumer feedback. In 2022–2023 FCAC will assess its comparison and payments tools, and will develop a workplan to test, enhance and disseminate the Financial Wellness in the Workplace resource.
Strategic goal: Be the authoritative source of Canadian financial consumer protection information
FCAC aims to enhance its capabilities as an authoritative source of information pertaining to the protection of financial consumers. Insights from research and behavioural science are key to providing evidence-based, trustworthy, and practical information for financial consumers and about how to protect them.
Enabling initiative: Leverage research to increase evidence-based decision making
Evidence-based research on consumer outcomes can lead to tangible improvements in the design and delivery of financial literacy interventions that will increase Canadians’ financial resilience.
2022–2023 activities:
- Develop a research, data and collaboration platform. Access to reliable and representative Canadian data is often a constraint for researchers and stakeholders in the areas of financial literacy and consumer protection. In 2022–2023, FCAC will design and build a digital platform to disseminate research, support and enable data sharing and visualization, and collaborate with stakeholders to fill gaps in financial literacy and consumer protection research.
- Focus FCAC research to maximize impact. In 2022–2023, FCAC will continue to monitor the impacts of the pandemic on financial consumers through the monthly COVID-19 Financial Wellbeing Survey. In addition, FCAC will increase the frequency of foundational data-gathering by converting the historical 5-year cycle of the Canadian Financial Capabilities Survey to an annual one.
- Develop targeted interventions and experiments. In 2022–2023, FCAC will launch experiments to increase budgeting, financial confidence, debt management, and financial literacy related to student loans. In addition, the Agency will explore partnerships to increase emergency savings among financial consumers in Canada.
- Renew the National Research Committee. The mandate of FCAC’s National Research Committee is to advise on research-related matters, coordinate research initiatives, collaborate with stakeholders, promote research, and contribute to the field’s development. The committee’s membership will be renewed in 2022–2023 and it will focus on driving the goals of the National Financial Literacy Strategy.
Enabling initiative: Raise awareness of FCAC’s mandate and promote its resources
FCAC will continue to expand its reach through marketing, advertising and digital communications to increase awareness of the Agency’s consumer protection mandate and its resources.
2022–2023 activities:
- Continue to build the momentum of Financial Literacy Month. Every November, FCAC and stakeholders across the country rally together to promote financial literacy in Canada. FCAC will continue to work closely with stakeholders to build on the success of Financial Literacy Month and maximize it as an opportunity to strengthen the financial literacy of Canadians and to advance the goals of the National Financial Literacy Strategy.
- Optimize FCAC’s digital presence. FCAC will enhance its web and social media presence to share important information and resources with consumers, stakeholders and industry in accessible, engaging and innovative ways and to increase awareness of the Agency’s consumer protection mandate more broadly.
- Profile FCAC's consumer protection mandate. FCAC will develop and implement a marketing and communications strategy to enhance awareness of its role as a regulator that protects financial consumers by supervising financial institutions and of its work with other federal regulators to uphold a financial system that consumers can have confidence in.
Strategic goal: Enable the future of work
The Agency fosters a culture of innovation, collaboration and excellence in the workplace by strengthening its people management practices, modernizing its internal processes and leveraging new technologies.
Enabling initiative: Strengthen and support the workforce
FCAC will continue to strengthen its human resources programs and initiatives to attract and retain the talent it needs to achieve its vision and fulfill its legislative obligations.
2022–2023 activities:
- Focus on employee well-being. While FCAC employees have been supporting Canadians during the COVID-19 pandemic, they have also been impacted by the challenges and disruptions. As the Agency implements the second year of its Mental Health and Wellness Action Plan, the organization will continue to support employees and focus on their resilience.
- Focus on equity, diversity and inclusion. FCAC is committed to promoting and valuing diversity and inclusion in both official languages in its workforce and core business activities. In 2022–2023, the Agency will continue to implement its Equity, Diversity and Inclusion Action Plan and will initiate its Official Languages Action Plan.
- Develop and implement a strategic human resources plan. Work began in 2021–2022 to develop FCAC’s first strategic human resources plan which will be finalized and implemented in 2022–2023. This foundational roadmap will build and enhance the Agency’s people management function.
Enabling initiative: Modernize the way we work
FCAC will enhance its effectiveness and mitigate its operational risks by modernizing its workplace, systems and processes. This will enable the Agency to adopt a streamlined and flexible approach to tackle its business challenges and take advantage of future opportunities. This priority also aligns with the Government of Canada’s GCworkplace standards and Digital Government Strategy.
2022–2023 activities:
- Advance the FCAC Data and Analytics Strategy and data governance. The Agency’s data and analytics strategy aims to unlock the full value of FCAC’s data assets to provide timely, trusted data and information that advances the financial protection of consumers and strengthens their financial literacy. Launched in 2020–2021, the strategy will be implemented over 4 years. In 2022–2023, the focus will be on expanding and building solutions, and on achieving a higher level of data and analytics maturity.
- Develop and implement an enterprise digital strategy. Building on work commenced in 2021–2022, the Agency will finalize the development and begin implementation of an enterprise digital strategy. This strategy and associated action plan will prioritize digital technologies, capabilities and solutions over a 3-year horizon.
- Strengthen the Agency’s information management and information technology (IM/IT) capabilities. An organizational review of the Agency’s IM/IT division was undertaken in 2021–2022 by a third party. To continue to provide value while modernizing and building capabilities, the IM/IT division will be restructured, and additional investments will be made to increase capacity.
- Transform where and how the Agency operates. The Agency’s workplace modernization project includes investments in FCAC’s Ottawa and Toronto locations. Construction to modernize the Ottawa office will move forward in 2022–2023 and, when finished, will offer employees a greater variety of workspaces and support a hybrid work environment. FCAC will also expand its Toronto footprint to enhance its supervisory capacity. Concurrently, the Agency will embrace a hybrid work model that includes a mix of in-office and telework. This new operating model will support employee well-being while enhancing the Agency’s ability to recruit and retain top talent from across Canada.
Enabling initiative: Improve enabling processes
FCAC is dedicated to continuous improvement by reviewing its internal functions to optimize performance, meet best practice standards and improve business processes.
2022–2023 activities:
- Enhance organizational effectiveness. In 2022–2023, the Agency will optimize its governing bodies and invest in training for better decision-making and to enhance alignment.
- Complete a formal evaluation of the Agency’s Consumer Services Centre (CSC). The CSC performs a vital role in support of the Agency’s consumer protection mandate by providing helpful information directly to financial consumers, merchants and stakeholders. The Agency will undertake an evaluation of the CSC to assess its current role and function, and to identify opportunities to maximize its capability to support consumers and contribute to FCAC’s strategic goals.
- Increase internal capacity for high-quality translation and editing services. Moving forward, FCAC’s output of reports, research papers and publications is expected to grow. Targeted investments will enhance the Agency’s translation and editing capabilities to support the Agency’s capacity to produce high-quality corporate publications in both official languages.
Spending and human resources
This section provides a holistic view of the Agency’s planned spending and human resources for the next 3 fiscal years and compares planned spending for the upcoming years with the current year forecast and previous years’ actual spending. The Agency uses the full accrual method of accounting to prepare and present its annual expenses.
As it executes on its plans, FCAC will continue to demonstrate financial discipline and exercise prudent financial management practices.
Planned spending
FCAC is a federal government agency that recovers its costs mainly through assessments against the Regulated Entities it supervisesFootnote 1 . In addition to revenues from these assessments, FCAC receives an annual statutory authority of a maximum of $5.0 million to support the financial literacy of Canadians.
The following table shows actual, forecasted and planned spending for each of FCAC’s programs and Internal Services.
| Programs and Internal Services | 2019–2020 actual expenses | 2020–2021 actual expenses | 2021–2022 forecasted expenses | 2022–2023 planned expenses | 2023–2024 planned expenses | 2024–2025 planned expenses |
|---|---|---|---|---|---|---|
| Supervision and Promotion | 6.2 | 7.0 | 8.7 | 12.6 | 14.1 | 14.5 |
| Financial Literacy | 5.4 | 4.7 | 7.1 | 8.4 | 9.5 | 9.8 |
| Subtotal | 11.6 | 11.7 | 15.8 | 21.1 | 23.6 | 24.3 |
| Internal Services | 19.0 | 22.5 | 24.7 | 36.2 | 33.3 | 33.5 |
| Total | 30.6 | 34.2 | 40.5 | 57.3 | 56.9 | 57.7 |
Note: Totals may not add due to rounding. Expenses are presented on an accrual basis.
The Agency’s 2021–2022 Business Plan identified total spending of $45.9 million for that year. The variance between the planned expenses of $45.9 million and the forecast expenses of $40.5 million is mainly due to delays in staffing and modernization expenses caused by the pandemic. Planned spending for 2022–2023 is forecast to increase by $8.9 million compared to the 2021–2022 approved budget for 2022–2023 of $48.4 million. The estimated increase is related to:
- growth of personnel
- normal economic increases
- enhancement of research, policy and education services
- investment in information technology, data and analytic capacity
- the implementation of office modernization in Ottawa and Toronto
The following table is used to calculate the Agency’s funding requirements by reconciling planned expenses calculated on an accrual basis to its funding requirements on a cash basis.
The requested funding line represents the Agency’s costs of operation, which includes both operating and capital expenditures, which may be requested as advance amounts out of the Consolidated Revenue Fund.
| 2022-23 | 2023-24 | 2024-25 | |
|---|---|---|---|
| Planned expenses | 57.3 | 56.9 | 57.7 |
| Adjustment for items affecting the cost of operations but not affecting authorities: | |||
Amortization of tangible capital assets |
(1.2) | (2.0) | (2.3) |
Allowance for bad debt |
|||
Gain (loss) on disposal of tangible capital assets |
|||
Increase in employee future benefits |
(0.4) | (0.4) | (0.4) |
| Adjustment for items not affecting the cost of operations but affecting authorities: | |||
Acquisition of tangible capital assets |
5.1 | 1.4 | 0.0 |
| Planned expenditures | 60.8 | 55.9 | 55.1 |
| Less: Government funding | (5.0) | (5.0) | (5.0) |
| Requested funding | 55.8 | 50.9 | 50.1 |
Note: Totals may not add up due to rounding.
Planned human resources
| Programs and internal services | 2019–2020 actual full-time equivalents | 2020–2021 actual full-time equivalents | 2021–2022 forecasted full-time equivalents | 2022–2023 planned full-time equivalents | 2023–2024 planned full-time equivalents | 2024–2025 planned full-time equivalents |
|---|---|---|---|---|---|---|
| Supervision and Promotion | 36 | 46 | 56 | 78 | 85 | 85 |
| Financial Literacy | 30 | 29 | 37 | 42 | 46 | 46 |
| Subtotal | 66 | 75 | 93 | 120 | 131 | 131 |
| Internal Services | 77 | 85 | 101 | 117 | 124 | 128 |
| Total | 143 | 160 | 194 | 237 | 255 | 259 |
Note: Totals may not add up due to rounding.
The growth in full-time equivalents over the next 3 years is related to the:
- creation of a data and analytics capability
- enhancement of research, policy and education services
- creation of an in-house translation capability
- enhancement of IM/IT capacity
The Agency will invest in its staffing capacity to meet increased hiring requirements while enhancing the ability to be proactive and innovative in attracting talent.
Future-oriented condensed statement of operations
The future-oriented condensed statement of operations provides an overview of FCAC’s operations for 2021–2022 to 2022–2023.
The forecast of financial information related to expenses and revenues is prepared on an accrual accounting basis to strengthen accountability and to improve transparency and financial management.
A more detailed future-oriented statement of operations and associated notes, including a reconciliation of the net cost of operations to the requested authorities, is available on FCAC’s website.
| Financial information | 2021–2022 forecast results | 2022–2023 planned results | Difference (2022–2023 planned results minus 2021–2022 forecast results) |
|---|---|---|---|
| Total expenses | 40.5 | 57.3 | 16.8 |
| Total revenues | 35.5 | 52.3 | 16.8 |
| Net cost of operations before government funding and transfers | 5.0 | 5.0 | 0.0 |
Contact us
Website: canada.ca
Telephone (Consumer Services Centre):
toll-free: 1-866-461-3222
in Ottawa or outside Canada: 613-960-4666
TTY (for persons with hearing impairment):
toll-free: 1-866-914-6097
in Ottawa or outside Canada: 613-947-7771
Email: Contact us
Twitter: @FCACan
YouTube: FCACan
Facebook: FB.com/FCACan
Instagram: fcac_can
Postal address:
Financial Consumer Agency of Canada
Enterprise Building
427 Laurier Ave. West
Ottawa, Ontario K1R 1B9
Annex A: Departmental results framework
As per the Treasury Board of Canada’s Policy on Results, Government of Canada entities are expected to identify core responsibilities, describing at a high level what the organization does, what it is trying to achieve and how it will assess its progress.
FCAC’s core responsibility is to protect financial consumers. It achieves this in 2 primary ways: by supervising Regulated Entities and strengthening Canadians’ financial literacy. As such, the Agency’s budgetary resources, employees and activities are organized around this core responsibility and 2 enabling programs.
FCAC’s approved departmental results framework and program inventory for 2022–2023 are shown below. FCAC is updating its program inventory and associated performance indicators, with implementation targeted for 2023–2024.
Text description: Departmental results framework and program inventory
Core responsibility: Protection of financial consumers
Departmental Results Framework
Departmental Result: Federally regulated financial entities are compliant with consumer protection legislation, their public commitments and codes of conduct.
- Indicator: Percentage of financial institutions that are aware of the reason for and nature and outcome of the Financial Consumer Agency of Canada’s supervision activities.
- Indicator: Percentage of cases of non-compliance where corrective actions (commensurate with the level of non-compliance) are undertaken by the Financial Consumer Agency’s supervision activities.
Departmental Result: Canadian consumers are aware of their rights and responsibilities when dealing with financial institutions.
- Indicator: Percentage of consumers who are aware of their consumer protection rights and responsibilities.
- Indicator: Number of Canadians reached through consumer rights and responsibilities information.
Program: Supervision and Promotion
Departmental Result: Canadians are strengthening their financial knowledge, skills and confidence.
- Indicator: Percentage of Canadians who strengthen their financial knowledge.
- Indicator: Percentage of Canadians who strengthen their financial confidence.
- Indicator: Percentage of Canadians who adopt desired financial behaviours.
- Indicator: Percentage of non-budgeters who are confident in their ability to make and follow a budget.
- Indicator: Percentage of non-budgeters who begin budgeting.
- Indicator: Percentage of Canadians reached through initiatives supporting the National Strategy for Financial Literacy.
Program: Financial Literacy
Program #1: Supervision and Promotion
FCAC monitors and enforces the compliance of Regulated Entities with federal financial consumer provisions, codes of conduct and public commitments. The Agency also promotes responsible market conduct by communicating its expectations, conducting research on trends and emerging issues affecting financial consumers, contributing to policy discussions, and promoting consumers’ rights and responsibilities.
| Departmental result | Departmental result indicator | Target | Date to achieve target | 2018–2019 actual result | 2019–2020 actual result | 2020–2021 actual result |
|---|---|---|---|---|---|---|
| Federally regulated financial entities are compliant with consumer protection legislation, their public commitments and codes of conduct | Percentage of financial institutions that are aware of the reason for, and nature and outcome of, the Financial Consumer Agency of Canada’s supervision activities | 80% | 2023-03-31 | 88% | NA1 | 98% |
| Percentage of cases of non-compliance where corrective actions (commensurate with the level of non- compliance) are undertaken by the Financial Consumer Agency of Canada | 100% | 2023-03-31 | 100% | 100% | 100% | |
| Canadian consumers are aware of their rights and responsibilities when dealing with financial institutions | Percentage of consumers who are aware of their rights and responsibilities | 5% increase | 2023-03-31 | 64% | 78% | 72% |
| Number of Canadians reached through consumer rights and responsibilities information | 5% increase | 2023-03-31 | NA2 | 156,846 | 162,652 |
NA = not applicable.
1 The event where performance information is gathered was cancelled due to COVID-19.
2 A baseline was established for 2019–2020.
| 2022–2023 planned expenses | 2023–2024 planned expenses | 2024–2025 planned expenses |
|---|---|---|
| 12.6 | 14.1 | 14.5 |
| 2022–2023 planned full-time equivalents | 2023–2024 planned full-time equivalents | 2024–2025 planned full-time equivalents |
|---|---|---|
| 78 | 85 | 85 |
Program #2: Financial Literacy
FCAC strengthens Canadians’ financial knowledge and skills as well as their confidence to make responsible financial decisions. FCAC works with stakeholders and financial literacy networks across Canada to develop and deliver initiatives that implement the National Financial Literacy Strategy.
| Departmental result | Departmental result indicator | Target | Date to achieve target | 2018–2019 actual result | 2019–2020 actual result | 2020–2021 actual result |
|---|---|---|---|---|---|---|
| Canadians are strengthening their financial knowledge, skills and confidence | Percentage of Canadians who strengthen their financial knowledge | 5% increase | 2023-03-31 | NA1 | 62% | NA2 |
| Percentage of Canadians who strengthen their financial confidence | 5% increase | 2023-03-31 | NA1 | 40% | NA2 | |
| Percentage of Canadians who adopt desired financial behaviours | 5% increase | 2023-03-31 | NA1 | 49% | NA2 | |
| Percentage of non-budgeters who are confident in their ability to make and follow a budget | 5% increase | 2023-03-31 | 14% | 18% | NA3 | |
| Percentage of non-budgeters who begin budgeting | 5% increase | 2023-03-31 | 20% | 23% | NA3 | |
| Number of Canadians reached through initiatives supporting the National Financial Literacy Strategy | 5% increase | 2023-03-31 | 5,679,000 | 9,273,426 | 10,243,558 |
NA = not applicable.
1 Based on the Canadian Financial Capability Survey (CFCS) conducted every 5 years.
2 Although CFCS data are unavailable for 2020–2021, related data are available through FCAC’s COVID-19 Financial Wellbeing
Survey and are published in a COVID-19 survey dashboard.
3 The service provider that collected this information went out of business in 2019 and a suitable replacement was not found.
| 2022-2023 planned expenses | 2023–2024 planned expenses | 2023–2025 planned expenses |
|---|---|---|
| 8.4 | 9.5 | 9.8 |
| 2022-2023 planned full-time equivalents | 2023-2024 planned full-time equivalents | 2024-2025 planned full-time equivalents |
|---|---|---|
| 42 | 46 | 46 |
Internal Services
FCAC’s programs are supported by a solid foundation of financial management and by the expert advice and services provided by its marketing, communications, stakeholder relations, legal, human resources, information technology and administration teams.
| 2022-2023 planned expenses | 2023–2024 planned expenses | 2024–2025 planned expenses |
|---|---|---|
| 36.2 | 33.3 | 33.5 |
| 2022–2023 planned full-time equivalents | 2023–2024 planned full-time equivalents | 2024–2025 planned full-time equivalents |
|---|---|---|
| 117 | 124 | 128 |
More information on FCAC’s financial and human resources can also be found in GC InfoBase.
Annex B: Evaluation Plan
2022-2023
Consumer Services Centre (CSC)
Assess the CSC’s current role and function, and identify opportunities to maximize its capability to support consumers and contribute to FCAC’s strategic goals.
Core control self assessment
Assess compliance with federal financial management policies related to contracting, delegation of spending authority and receivables management. This exercise supplements the core control audit conducted by the Office of the Controller General every 5 years. It provides FCAC with a means to assess, and improve, the subset of critical controls between audit cycles.
2023-2024
Supervision Framework – Phase I
Evaluate the application and effectiveness of Notices of Breach in relation to the objectives of the Supervision Framework.
Information management
Evaluate the effectiveness and efficiency of the Agency’s information management processes.
2024–2025
Performance management and recognition
Evaluate the effectiveness of performance management and awards and recognition programs.
Consumer portal
Evaluate the effectiveness of the consumer portal and selected tools.
2025–2026
Supervision Framework – Phase II
Evaluate the application and effectiveness of the Market Conduct Profile tool to advance the Supervision Framework’s risk-based approach.
2026–2027
National Financial Literacy Strategy
Evaluate the effectiveness of Make Change that Counts: National Financial Literacy Strategy 2021–2026.
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