Video: About Financial Consumer Agency of Canada

Transcript

(A smartphone being held with square images emerging from its screen representing applications for banking and online shopping among others.)

Narrator: As the financial marketplace becomes more complex and digital, Canadians need strong consumer protections.

(Series of images in quick succession of people in a bank, a couple holding boxes moving into a new home, a woman being handed keys while seated in a car, buttons being pressed on a point of sales machine.)

Narrator: Whether opening a bank account, or getting a mortgage to buy a house, laws and regulations exist to protect consumers and make sure that they are treated fairly.

(Three images side by side, a building within a magnifying glass, a locked padlock within a shield, a dollar sign within an apple sitting on top of a book.)

Narrator: The Financial Consumer Agency of Canada, also known as FCAC, is a federal government agency whose core responsibility is to protect the rights and interests of consumers of financial products and services. 

Text on screen: Our Vision, to be a leader and innovator in financial consumer protection.

Narrator: We are a leader and innovator in financial consumer protection. 

(A group of people standing, facing front, and smiling in an office setting.)

Narrator: With dedicated employees who are deeply engaged in achieving our vision.

(Two side-by-side images, one of a building within a magnifying glass, the other a locked padlock within a shield.)

Text on screen: We supervise federally regulated financial entities: banks, insurance companies, payment card network operators, external complaint bodies.

Narrator:  We protect consumers in two main ways: First, we are a regulator. We supervise the compliance of federally regulated entities, such as banks, with financial consumer protections set out in legislation, regulations, public commitments, and codes of conduct.

Text on screen: We protect through supervision: promotion, monitoring, enforcement.

Narrator: We do that by working with regulated entities and stakeholders to promote consumer protections. Proactively monitoring how regulated entities are meeting their obligations and holding regulated entities accountable by taking enforcement actions when breaches of consumer protections occur.

(Images of smiling faces organized in a grid.)

Narrator: Through this important work, we help to maintain a sound and safe financial system for all Canadians.

(Call centre employees sitting at computer screen and speaking through headset.)

 Narrator: FCAC’s Consumer Services Centre also provides helpful information directly to consumers, including on how to make a complaint if they have a problem with their financial institution. 

(Three images side by side, a building within a magnifying glass, a locked padlock within a shield, a dollar sign within an apple sitting on top of a book.)

Text on screen: Leading the National Financial Literacy Strategy, educating on rights and responsibilities, conducting research, developing tools and resources.

Narrator: The second way that we protect consumers is by strengthening their financial literacy. We do this by leading on the National Financial Literacy Strategy – a five-year plan to create a more accessible, inclusive, and effective financial ecosystem for all Canadians, educating Canadians about their rights and responsibilities when dealing with financial institutions, conducting research on the financial knowledge, abilities, and behaviours of Canadians, and developing tools and resources to help them make informed financial decisions.

(A group of people having an outdoor meal, smiling for a picture being taken by a child.)

Narrator: Because a better-informed consumer is a better protected consumer.

(3 overlapping images: a mountain setting, people moving a couch, a student graduate hugging another person. Each representing advertising messages by FCAC.)

 Narrator: These are just some of the ways that we protect and support Canadians.

(Four blocks with icons within each block: a heart between two hands, a building with a flag, a dollar sign within a building, and three people sitting at a table.)

Text on screen: Financial ecosystem, community groups, government and regulators, financial services industry, other key players

 Narrator: And we don’t work alone.  We collaborate with a core group of government partners, and many other organisations across Canada and around the world. 

(A group of people standing in a circle holding a globe of the world.)

(Images of smiling faces organized in a grid.)

Narrator: Learn more about how we protect Canadians by visiting Canada.ca/fcac 

(Three images side by side, a locked padlock within a shield, a building within a magnifying glass, a dollar sign within an apple sitting on top of a book.)

Text on screen: Protect. Supervise. Educate. Canada.ca/fcac