Financial Consumer Agency of Canada's mandate
The Financial Consumer Agency of Canada Act outlines FCAC's functions, administration and enforcement powers, and lists the sections of federal laws and regulations under its supervision.
In fall 2018, the Government of Canada introduced, through the Budget Implementation Act, 2018, No. 2, legislation to modernize Canada’s Financial Consumer Protection Framework (FCPF) and to strengthen FCAC’s mandate and grant it additional powers.Footnote 1
As a regulatory agency, FCAC can exercise its enforcement powers to ensure that federally regulated financial entities comply with the consumer provisions of the various federal acts relating to financial services, including:
- the Bank Act
- the Insurance Companies Act
- the Trust and Loan Companies Act
- the Co-operative Credit Associations Act
- the Green Shield Canada Act
- the Payment Card Networks Act
- the Financial Consumer Agency of Canada Act
In cases of contravention or non-compliance with legislation, FCAC notifies the federally regulated financial entity of a violation. FCAC may also, depending on the severity and frequency of the problem:
- seek a commitment from the financial entity to remedy the issue within a short time
- impose a monetary penalty
- impose criminal sanctions
- take other actions as necessary
FCAC reports to the Minister of Finance on the Agency’s activities and the legislative framework for consumer protection. In addition, each year FCAC prepares an annual report for Parliament.
FCAC also publishes an annual business plan.
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