Financial Consumer Agency of Canada Business Plan 2021-2022 to 2023-2024
Commissioner’s message
I am pleased to present the 2021–2022 Business Plan for the Financial Consumer Agency of Canada (FCAC). It provides information on our planned activities and the results we expect to achieve during the upcoming fiscal year.
This has been a difficult time for all Canadians. The public health crisis caused by the COVID-19 pandemic has impacted all of us in some way. At FCAC, we took early action to keep our employees safe and well-supported. We also adjusted our priorities to continue moving our important work forward. As this report demonstrates, we have also committed to new initiatives to monitor and better understand the impact of the COVID-19 pandemic on the activities of regulated entities and the financial situation of Canadians.
Of particular interest to us has been the way the pandemic has created financial hardships and uncertainty for Canadians, especially the most vulnerable. The pandemic has also accelerated trends in today’s increasingly complex financial sector. They include the digital transformation of banking services and products, and the emergence of new technologies that create both opportunities and risks for consumers. This unpredictable and shifting landscape has made the Agency’s consumer protection mandate more important than ever.
Over the past year, FCAC engaged in a significant corporate planning exercise that took into account the current environment and past lessons. The outcome is an ambitious Strategic Plan for 2021-2026 that we will publish during this calendar year. It has four strategic goals:
- To be the national leader in financial consumer protection, through the effective supervision of banks and other regulated entities, and contribution to policy formulation.
- To strengthen financial literacy of Canadians for an increasingly digital world, through educational tools and resources, research, experimentation and stakeholder collaboration and partnerships that help foster informed financial behaviours and decision-making.
- To be the authoritative source for Canadian financial consumer information, through the development of unbiased and evidence-based financial consumer information.
- To enable the future of work, by investing in the Agency’s people and enabling a culture of innovation, collaboration, and excellence.
These strategic goals will drive our success over the next five years. They will add fresh impetus to our research and consumer education work, bolster our risk-based approach to supervising banks and other regulated entities, and enable a culture of innovation, collaboration and excellence at the Agency.
In October 2021, the Agency will mark its 20th anniversary. This is an opportunity for us to celebrate and reflect upon the progress made over the past two decades to protect consumers and strengthen the financial literacy of Canadians. A great deal has been achieved, and it is an honour to lead a forward-thinking organization with an impressive history.
I am confident that FCAC’s 2021–2022 Business Plan will enable us to meet the high expectations we have set for ourselves. As always, we invite feedback on our priorities and, together with our many stakeholders and partners, we look forward to building on the strong foundation created by the Agency over the past 20 years.
Judith Robertson
Commissioner
About FCAC
Our raison d’être
The Financial Consumer Agency of Canada (FCAC) was established in 2001 to protect consumers by supervising federally regulated financial entities and strengthening the financial literacy of Canadians.
Our mandate
As a regulator, FCAC protects consumers by monitoring and supervising financial institutions to promote compliance with their market conduct obligations under federal legislation and regulations, codes of conduct and public commitments.
FCAC also monitors and evaluates trends and issues that may affect financial consumers, educates Canadians about their rights and responsibilities in dealing with financial institutions, and collaborates with stakeholders to contribute to and support initiatives that strengthen the financial literacy of Canadians.
FCAC's mandate is set out in the Financial Consumer Agency of Canada Act.
Our core responsibilities
FCAC achieves its mandate by carrying out 2 core responsibilities:
- supervising federally regulated financial entities
- enhancing the financial literacy of Canadians
FCAC’s strong foundation of internal services enables it to support its core responsibilities and deliver on its priorities. (See Annex A for performance information related to these responsibilities.)
Text version ‒ Our vision and mission
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
FCAC’s long-term strategic goals
This annual business plan provides details about the operational activities that the Agency will undertake during the year to achieve its strategic goals. In 2020, the Agency undertook a significant strategic planning exercise to establish its priorities over the upcoming 5-year horizon with 3 purposes:
- to craft a long-term plan to achieve FCAC’s vision and mandate
- to consider the environment in which the Agency operates
- to mitigate FCAC’s key strategic risks while leveraging opportunities
Over the next 5 years, the Agency will focus on priorities and associated activities to achieve 4 strategic goals:
- 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.
- 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.
- Be the authoritative source for Canadian financial consumer information. FCAC is recognized by Canadians, partners and stakeholders as a trusted source of unbiased, evidence-based financial consumer information.
- Enable the future of work. FCAC invests in its people and optimizes its workplace and processes to enable a culture of innovation, collaboration and excellence.
The FCAC 2021–2026 Strategic Plan will be published in the first quarter of 2021–2022.
Key risks
The Agency monitors current and emerging risks that have the potential to affect its ability to achieve its strategic goals. It has identified operational risks in three areas and implemented strategies to manage and mitigate them:
- IT security vulnerabilities. These could compromise information or degrade or interrupt our service delivery and operations. Key activities for 2021–2022:
- Formalize and implement the Agency’s security incident response process in collaboration with Government partners
- Replace all FCAC IT security policies with an overarching IT security policy
- Evaluate the Agency’s cyber security and validate processes to identify improvements
- Talent acquisition and retention. To achieve our strategic goals, the Agency needs to attract and retain people with specific expertise. Key activities for 2021–2022:
- Develop and implement a 3-year HR strategic plan
- Develop actions plans for official languages, and employment equity, diversity and inclusion
- Continue implementation of the Agency’s Public Service Employee Survey Action Plan, and the Mental Health and Wellness Action Plan
- Preparedness for and resilience during crises. Examples include a major banking incident, terrorist attack, cyber-related event or climate disaster. Key activities for 2021–2022:
- Update the Agency’s Business Continuity Plan with lessons learned from the COVID-19 crisis
2021–2022 planning context
Financial consumer protection and the COVID-19 crisis
The COVID-19 pandemic has had unprecedented health and financial impacts on Canadians. In March 2020, the Agency responded quickly to enable 100% of its employees to make the shift to working remotely, while ensuring that work continued on key priorities. Throughout the crisis, the Agency maintained its operations to protect financial consumers, and collaborated closely with federal and provincial partners, regulated entities and stakeholders, to protect the health and well-being of employees, consumers and communities.
As part of its supervisory work, the Agency monitored the commitments made by regulated entities to accommodate the financial hardships of consumers affected by the pandemic. The Agency also proactively communicated its expectations to regulated entities, including that they prioritize providing safe access to financial services, particularly for vulnerable consumers.
In addition, FCAC provided tools, resources and information on available government support programs and bank relief measures to help consumers manage their finances during challenging times.
In the second half of 2020, FCAC launched 2 surveys to better understand and track the financial impacts of the COVID-19 pandemic on Canadians: the COVID-19 Financial Well-Being Survey, and the Survey on Canadians’ Use of Bank Products/Services. The Agency also began to collect information related to consumer complaints about the financial relief measures offered by regulated entities during the pandemic, which will be used to inform its supervisory activities.
The protection of financial consumers is foundational to a sound financial system, especially during periods of crisis. The Agency’s recent experience has reinforced the importance of this principle and it is reflected in its planning for 2021–2022. The Agency will make key investments in its people and operations to ensure it is well-positioned to deliver on its important mandate to protect financial consumers.
Budgetary planning summary: Core responsibilities and internal services (in millions of dollars)
FCAC continues to exercise sound stewardship of resources in delivering high-quality services and programs for Canadians. The planned increase of $7.5 million for 2021-2022 is primarily related to investments in information technology, workplace modernization and normal economic increases. The table below identifies the planned spending over the next three years.
| Core Responsibilities and Internal Services | 2021–22 planned expenses | 2022–23 planned expenses | 2023–24 planned expenses |
|---|---|---|---|
| Supervision of federally regulated financial entities | 10.1 | 11.1 | 11.4 |
| Financial Literacy | 7.5 | 8.0 | 8.3 |
| Subtotal | 17.6 | 19.1 | 19.7 |
| Internal Services | 28.3 | 29.3 | 27.9 |
| Total | 45.9 | 48.4 | 47.6 |
2021–2022 planning highlights
This section presents the priorities and activities that the FCAC plans to undertake from April 1, 2021 to March 31, 2022 to advance its 5-year strategic goals. These activities will enhance the Agency’s core capabilities—that is, the daily work to protect, supervise and educate—which enable the Agency to fulfill its obligations as set out in the Financial Consumer Agency of Canada Act and other statutes, such as the Bank Act.
Strategic goal: Be the national leader in financial consumer protection
Priority: Strengthen the risk-based, outcome-driven supervisory program
FCAC’s supervisory program is anchored in the principles of transparency, proactivity, proportionality and accountability. Taken together, these principles provide FCAC and regulated entities with a framework that enables the early identification of issues and effective interventions to promote compliance.
A risk-based approach enables FCAC to deliver on its supervisory mandate effectively and efficiently. A stronger risk-based, outcome-driven model will improve the Agency’s supervisory outcomes while enhancing its ability allocate resources to priority areas.
2021–2022 activities:
- Implement Market Conduct Profiles: Market Conduct Profiles (MCPs) capture key business information to inform FCAC’s risk assessment of Tier 1 Regulated Entities. In 2021–2022, FCAC expects to complete MCPs for an initial set of regulated entities and begin developing MCPs for a second set of regulated entities. The development and completion of MCPs is a multi-year initiative that will enable the ongoing assessment of entity-specific risks, as well as systemic or industry-wide risks, associated with market conduct obligations.
- Lead or support industry reviews and consultations. FCAC will lead and support industry consultations and reviews that are within the purview of its mandate. More specifically, it will:
- oversee the mandatory 5-year review of external complaints bodies
- support the Department of Finance’s consultations on how to strengthen the system for external complaints bodies in Canada
- oversee the 3-year mandatory review of payment card network operators
- support the Department of Finance’s review of the Code of Conduct for the Credit and Debit Card Industry
- Establish a dedicated thematic review team. Thematic reviews are an effective supervisory instrument. They may be conducted proactively to support the Agency’s mandate, in response to an emerging issue, or if requested by the Minister of Finance. FCAC will establish a dedicated team focused on thematic reviews, with the aim of being fully operational in 2022–2023. The team will be responsible for conducting reviews, making recommendations, and monitoring strategies for addressing any deficiencies uncovered by the reviews, as appropriate.
Priority: Implement the Financial Consumer Protection Framework
In 2018, Parliament adopted legislation to amend the Bank Act to strengthen provisions related to protecting consumers and the public with respect to corporate governance, responsible business conduct, disclosure and transparency, and redress, and to grant FCAC additional powers. The legislation also amended the Financial Consumer Agency of Canada Act to provide for greater transparency and higher administrative monetary penalties. These legislative and upcoming regulatory amendments are collectively referred to as the Financial Consumer Protection Framework (FCPF).
While some amendments came into force on April 30, 2020, the majority will take effect when regulations are made. The Department of Finance is leading this work. FCAC is actively engaged in developing the capacity, policies, and procedures to implement the amendments as they come into force.
2021–2022 activities:
- Publish guidance. FCAC will engage with industry through formal and informal consultations to determine the publication of guidance (e.g., Guidelines or Bulletins) related to legislative and regulatory amendments, as appropriate.
- Pilot the case management system. The case management system will enable the reporting of enhanced complaint data as required by the legislative and regulatory amendments to the FCPF. FCAC will pilot the system with certain regulated entities to test its functionality.
Priority: Provide expertise to contribute to policy development
FCAC will demonstrate thought leadership and innovation to contribute to policy development and respond to emerging risks and opportunities in the financial landscape.
2021–2022 activities:
- Participate in the development of a Canadian open banking framework. The Agency will contribute to the Department of Finance’s consultations and policy development activities, providing recommendations to address consumer protections and market conduct expectations in an open banking framework.
- Contribute to recommendations on banking products and services. FCAC will conduct research and develop recommendations on issues related to consumer access to banking products and services, including novel credit and deposit products.
- Strengthen Consumer Data Protection Practices. FCAC will co-lead the Consumer Data Protection Working Group with the Department of Finance, which is responsible for reviewing current data protection practices by regulated entities. The working group will identify gaps and research international best practices to make recommendations on strengthening financial consumer data protection.
Strategic goal: Strengthen the financial literacy of Canadians for an increasingly digital world
Priority: Renew the National Strategy for Financial Literacy
National financial literacy strategies are recognized as an international best practice that improve a country’s financial health. In 2020-2021, FCAC began the work to renew the 2015 National Strategy for Financial Literacy in consultation with stakeholders, partners and researchers. In addition to raising awareness of financial literacy and financial well-being, the renewed National Strategy will aim to measurably improve consumer outcomes and engage stakeholders by creating a blueprint that focuses attention on common goals. In 2021–2022, FCAC will publish the strategy and commence implementation.
2021–2022 activities:
- Publish the National Strategy for Financial Literacy. FCAC will finalize the development of the renewed National Strategy for Financial Literacy. The updated strategy will reflect the impact of the COVID-19 pandemic on Canadians, especially on vulnerable populations. It will also reflect evolving expectations, experiential learning from the past 5 years, and new insights from in-house and external research. With a focus on evidence-based activities, the strategy will aim to strengthen the financial literacy of Canadians through behavioural interventions, educational tools and resources, research, experimentation and stakeholder collaboration.
- Create an implementation roadmap. FCAC will create an implementation roadmap that will articulate how to achieve the objectives and goals outlined in the National Strategy for Financial Literacy. Each goal in the strategy will be addressed by key objectives and prioritized initiatives, programs, and policies in collaboration with FCAC partners and stakeholders.
Priority: Provide innovative tools and resources for better financial decision making
FCAC monitors trends and issues in the financial sector and uses this information to develop timely, accessible and unbiased educational content and tools. The Agency regularly reviews and updates web content to reflect and address legislative and regulatory changes, emerging trends, consumer feedback and information gaps.
2021–2022 activities:
- Develop and update educational web content. FCAC will continue to regularly maintain and update its consumer education web content related to the COVID-19 pandemic that helps Canadians to manage their financial health in challenging times. FCAC will develop new educational content on topics that include open banking, fintech and new payment methods. It will also update educational material related to the rights and responsibilities of consumers and optimize its Budget Planner tool based on recommendations from a behavioural research-based evaluation.
- Redesign the Canadian Financial Literacy Database. Launched in 2014, the Canadian Financial Literacy Database is a web portal that serves as a gateway to information and resources on financial literacy. Financial literacy stakeholders populate the database with content. The Agency will redesign the database to offer a more user-friendly and engaging interface based on design research. Once the redesign is complete, the Agency will use promotion to enhance its visibility and use among consumers, financial literacy practitioners and educators.
- Conduct research to explore how best to deliver FCAC’s educational content and behavioural interventions. The Agency will investigate the feasibility of new and alternative ways to deliver consumer education materials and tools that would:
- Support the financial decisions of consumers with just-in-time, targeted information
- Confer the ability to conduct interactive behavioural experiments to strengthen financial consumer well-being in Canada
- Allow the Agency to collect data to inform and improve policy and program development
Priority: Engage constructively with stakeholders and foster strategic partnerships
FCAC fosters relationships locally, nationally and globally. Collaboration and engagement with Canadian and global cross-sectoral partners extends the Agency’s reach and positions it as a leader by connecting and mobilizing numerous organizations to work together to improve outcomes for financial consumers. FCAC’s pilot interventions are expected to be joint collaborations with academic partners, industry or other stakeholders. The Agency is seeking to enhance existing partnerships and develop new ones to collaborate on initiatives of mutual interest.
2021–2022 activities:
- Develop a proactive stakeholder engagement and outreach plan. The Agency will develop a stakeholder engagement and outreach plan with a focus on engagement opportunities, consumer-centric outreach activities and strategic partnerships.
- Organize events and activities to engage with stakeholders and profile FCAC’s activities. The Agency will organize various events and activities for Canadians, financial literacy stakeholders, the research community and industry on topics that cover the breadth of FCAC’s mandate. These events and activities will include webinars, virtual events, panel discussions and industry gatherings.
- Leverage provincial, national, and international engagement. FCAC will champion engagement and coordination with other authorities, committees, and governmental actors—in Canada and internationally—and actively collaborate to support the Agency’s consumer protection mandate.
Strategic goal: Be the authoritative source of Canadian financial consumer information
Priority: Leverage research to increase evidence-based decision making
FCAC’s research plan supports its ability to develop interventions that will strengthen the financial behaviours and knowledge of consumers. The Agency will leverage evidence-based research to inform its design of policy, interventions, tools and educational content and to maximize their impact. The Agency will also include a gender-based analysis plus (GBA+) lens, which will acknowledge and address systemic and structural barriers that might lead to lack of access or inclusion, and consider identity factors that might influence Canadians’ experience of FCAC policies and programs.
2021–2022 activities:
- Examine options to launch a research, data-sharing and collaboration platform. The Agency will explore options to establish a platform that facilitates knowledge-sharing of FCAC and partner research so it can be put to practical use. The portal would:
- publicly share data and research reports
- use dashboards to visualize survey results
- share data and research with academics and other research partners to enhance collaboration
- Increase the frequency of primary data gathering. Primary data are the foundation of the Agency’s work. They allow FCAC to understand and address knowledge gaps related to the financial well-being of Canadians and to be responsive to consumer concerns. These data also enable timely analysis, reporting and the development of policies, programs and strategies. FCAC will enhance this function by:
- extending the monthly COVID-19 Financial Well-Being Survey to December 2021 and develop an online dashboard to disseminate the results
- conducting the Canadian Financial Capability Survey annually rather than every 5 years. Planning will occur in fiscal 2021-2022, and the survey will be launched in the 2022 calendar year
- Develop targeted interventions. FCAC will leverage insights from data and behavioural science research to deploy practical, evidence-based, targeted, direct-to-consumer tools and interventions on topics like debt management, budgeting, savings and financial confidence, with a specific focus on vulnerable populations.
Priority: Raise awareness of FCAC and promote financial literacy tools and resources
FCAC will develop a multi-year, Agency-wide, public affairs strategy in support of the Agency’s role as a leader in financial consumer protection and as an authoritative source of information for financial consumers. Activities will also be undertaken to profile and promote the renewed National Strategy for Financial Literacy. Marketing, advertising and digital communications will play a particularly important role and a number of key initiatives are planned in these areas.
2021–2022 activities:
- Develop marketing strategies to reach target audiences. FCAC will develop creative, data-driven marketing strategies to reach target audiences and partner with federal government organizations, stakeholders and strategic partners on joint promotional campaigns.
- Develop and implement an action plan to optimize FCAC’s web presence. The Agency will develop and implement a plan to optimize FCAC’s web presence with a focus on improving the user experience.
- Launch a targeted advertising campaign to raise awareness of FCAC and promote its tools and resources. FCAC will continue to raise awareness of the Agency’s mandate and its array of resources through advertising, especially during Financial Literacy Month, which occurs annually in November.
Strategic goal: Enable the future of work
Priority: Strengthen and support the workforce
The Agency’s “One mandate, one team” approach signifies its commitment to people management as a shared responsibility and core capability that enables it to achieve its vision and strategic goals. Strengthening its people management capabilities will enable the Agency to better capitalize on the diverse talents of its employees.
2021–2022 activities:
- Focus on employee well-being. FCAC is committed to providing a healthy, safe and respectful workplace. FCAC will provide resources to enable Agency employees to be productive when working remotely while also remaining attuned to the impacts of the pandemic on workforce well-being. The Agency will continue to address the results of the Public Service Employee Survey and foster a culture that supports employees’ physical and psychological health using a variety of tools, activities and resources. It will also update its policies and processes to reflect the January 2021 amendments to the Canada Labour Code that aim to ensure employers of federally regulated workplaces take adequate steps to prevent and address harassment and violence at work.
- Focus on equity, diversity and inclusiveness. FCAC will develop and implement plans on employment equity and official languages to foster an inclusive workplace. It will also advance the priorities outlined in the Clerk of the Privy Council’s call to action on anti-racism, equity and inclusion in the federal public service. The Agency will adopt a hybrid model of in-office and remote work to offer employees more flexibility and support their well-being. The model will also help to recruit and retain top talent from across Canada.
- Develop a strategic human resources plan. FCAC will develop a plan that advances key human resources programs and initiatives in support of its People Management Framework. The desired outcome is an improved ability to attract, develop and retain the talent the Agency needs to achieve its vision and fulfill its legislative obligations.
Priority: Modernize the workplace
Modernizing FCAC’s workplace and systems is a mitigation measure intended to reduce the risk of the Agency failing to meet its current and future operational needs. This initiative aligns with the Government of Canada’s focus on modernizing its workplaces and adopting GCworkplace standards.
2021–2022 activities:
- Advance the Agency’s data and analytics strategy and data governance: FCAC will enhance its data governance by developing policies, standards and principles. It will also implement data and analytics solutions to support the Agency’s needs, as well as create a business glossary and data structure model.
- Develop and implement an enterprise digital strategy. The Agency will identify requirements and develop a plan and roadmap for the implementation of FCAC digital initiatives, such as mobile and platform integrations and enterprise service management.
- Transition all information management/information technology (IM/IT) tools and technologies to the cloud technologies will make it possible for Agency employees to be more effective when working remotely.
- Modernize the Ottawa office. The Agency’s workplace modernization project will remediate current challenges relating to airflow, temperature and layout and provide a more open, flexible work environment. It will also optimize the efficient use of facilities and accommodate a hybrid model for remote and in-office work, while enhancing employee collaboration, engagement and productivity.
- Build the Toronto office. FCAC will operationalize its new office in Toronto, which was established in late fiscal 2020-2021 to better support its mandate.
Priority: Improve enabling processes
FCAC is dedicated to achieving continuous improvement by reviewing its internal functions to optimize performance, meet best practice standards and improve business processes.
2021–2022 activities:
- Formally evaluate cyber security. The Agency will undertake a formal evaluation of its cyber-security policies, standards, infrastructure and training program. (See Annex B for FCAC’s 5-year evaluation plan.)
- Informally review internal processes. The Agency will conduct informal reviews of:
- the Consumer Service Centre’s model, human resources capacity and processes
- Access to Information and Privacy processes
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. It also compares planned spending for the upcoming year with the current and previous years’ actual spending. The Agency uses the full accrual method of accounting to prepare and present its annual expenses.
Planned spending
FCAC is a federal government agency that recovers its costs mainly through assessments against the financial entities it supervisesFootnote 1 . In addition to revenues from these assessments, FCAC receives an annual statutory authority of up to $5 million to support the financial literacy of Canadians.
The following table shows actual, forecast and planned spending for each of FCAC’s core responsibilities and Internal Services.
| Core Responsibilities and Internal Services | 2018–19 actual expenses | 2019–20 actual expenses | 2020–21 original budget | 2020–21 forecasted expenses | 2021–22 planned expenses | 2022–23 planned expenses | 2023–24 planned expenses |
|---|---|---|---|---|---|---|---|
| Supervision of federally regulated financial entities | 5.1 | 6.2 | 9.1 | 7.5 | 10.1 | 11.1 | 11.4 |
| Financial Literacy | 6.2 | 5.4 | 6.8 | 5.9 | 7.5 | 8.0 | 8.3 |
| Subtotal | 11.3 | 11.6 | 15.9 | 13.4 | 17.6 | 19.1 | 19.7 |
| Internal Services | 14.3 | 19.0 | 22.5 | 23.2 | 28.3 | 29.3 | 27.9 |
| Total | 25.6 | 30.6 | 38.4 | 36.6 | 45.9 | 48.4 | 47.6 |
Note: Totals may not add due to rounding. Expenses are presented on an accrual basis.
The Agency’s 2020–2021 Business Plan identified total spending of $38.4 million for that year. The variance between the planned expenses of $38.4 million and the forecast expenses of $36.6 million is mainly due to delays in staffing and reduced travel because of the pandemic.
Planned spending for 2021–2022 is forecast to increase by $7.5 million compared to the 2020–2021 approved budget of $38.4 million. The estimated increase is a result of:
- normal economic increases
- adding 4 full-time equivalent employees
- developing and implementing a modern, flexible and comprehensive IT case management system
- implementing a workplace modernization project that will support a hybrid model for remote and in-office work, provide for greater collaboration among employees and ensure efficient use of the office space
- opening an office in Toronto
- investing in information technology
The Agency uses the following table to calculate its funding requirements by reconciling planned expenses calculated on an accrual basis to its funding requirements on a cash basis.
The requested funding line shows the Agency’s operational costs and includes operating and capital expenditures, which may be requested as an advance from the Consolidated Revenue Fund.
| 2021-22 | 2022-23 | 2023-24 | |
|---|---|---|---|
| Planned expenses | 45.9 | 48.4 | 47.6 |
| Adjustment for items affecting the cost of operations, but not affecting authorities: | |||
Amortization of tangible capital assets |
(0.5) | (1.1) | (1.7) |
Allowance for bad debt |
|||
Gain (loss) on disposal of tangible capital assets |
|||
Increase in employee future benefits |
(0.3) | (0.3) | (0.3) |
| Adjustment for items not affecting the cost of operations, but affecting authorities: | |||
Acquisition of tangible capital assets |
3.4 | 2.9 | 1.1 |
| Planned expenditures | 48.5 | 49.9 | 46.7 |
| Less: Government funding | (5.0) | (5.0) | (5.0) |
| Requested funding | 43.5 | 44.9 | 41.7 |
Note: Totals may not add up due to rounding.
Planned human resources
| Core responsibilities and Internal Services | 2018–19 actual full-time equivalents | 2019–20 actual full-time equivalents | 2020–21 budgeted full-time equivalents | 2020–21 forecasted full-time equivalents | 2021–22 planned full-time equivalents | 2022–23 planned full-time equivalents | 2023–24 planned full-time equivalents |
|---|---|---|---|---|---|---|---|
| Supervision of federally regulated financial entities | 30 | 36 | 58 | 50 | 64 | 69 | 69 |
| Financial Literacy | 33 | 30 | 38 | 31 | 37 | 40 | 41 |
| Subtotal | 63 | 66 | 96 | 81 | 101 | 109 | 110 |
| Internal Services | 65 | 77 | 109 | 90 | 108 | 108 | 108 |
| Total | 128 | 143 | 205 | 171 | 209 | 217 | 218 |
Note: Totals may not add up due to rounding.
In 2020–2021, FCAC planned for 205 full-time equivalent employees. However, due to an organizational realignment and associated staffing delays, the actual number is forecast to be 171.
Future-oriented condensed statement of operations
The future-oriented condensed statement of operations provides an overview of FCAC’s operations for 2020–2021 to 2021–2022.
The forecast of financial information related to expenses and revenues is prepared on an accrual accounting basis to strengthen accountability and 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 | 2020–21 forecast results | 2021–22 planned results | Difference (2021–22 planned results minus 2020–21 forecast results) |
|---|---|---|---|
| Total expenses | 36.6 | 45.9 | 9.3 |
| Total revenues | 31.6 | 40.9 | 9.3 |
| 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: info@fcac.gc.ca
Fax:
toll-free: 1-866-814-2224
in Ottawa or outside Canada: 613-941-1436
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
FCAC is updating its departmental results framework, with implementation targeted for 2022–2023.
As per the Treasury Board of Canada’s Policy on Results, Government of Canada entities are expected to comply with the requirement 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 mandate is to protect financial consumers. It achieves this in 2 primary ways: by supervising financial institutions and other federally regulated entities, and by strengthening the financial literacy of Canadians. As such, the Agency’s budgetary resources, employees and activities are organized around these 2 core responsibilities. Its approved departmental results framework and program inventory for 2021–2022 are shown below.
Text version – Departmental results framework and program inventory for 2021–22
Core Responsibility #1: Supervision of federally regulated financial entities
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 of Canada
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
Core Responsibility #2: Financial Literacy
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
Core Responsibility #1: Supervision of federally regulated financial entities
FCAC’s Supervision and Promotion Program works to promote the compliance of federally regulated financial 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 | 2017–18 Actual result | 2018–19 Actual result | 2019–20 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% | 2022-03-31 | 78% | 88% | NA1 |
| 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% | 2022-03-31 | 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 | 2022-03-31 | NA2 | 64% | 78% |
| Number of Canadians reached through consumer rights and responsibilities information. | 5% increase | 2022-03-31 | NA3 | NA3 | 156,846 |
NA = not applicable.
1 The event where performance information is gathered was cancelled due to COVID-19.
2 Originally based on a survey conducted every 5 years. A smaller survey is now fielded annually.
3 A baseline was established for 2019–2020
| 2021–22 planned expenses | 2022–23 planned expenses | 2023–24 planned expenses |
|---|---|---|
| 10.1 | 11.1 | 11.4 |
| 2021–22 planned full-time equivalents | 2022–23 planned full-time equivalents | 2023–24 planned full-time equivalents |
|---|---|---|
| 64 | 69 | 69 |
Core Responsibility #2: Enhancing the financial literacy of Canadians
FCAC’s research, education and financial literacy programs strengthen Canadians’ financial knowledge and skills and 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 help guide Canadians’ financial decisions. In particular, the Agency focuses on encouraging Canadians to budget, build savings, pay down debt and choose financial products and services wisely.
| Departmental result | Departmental result indicator | Target | Date to achieve target | 2017–2018 actual result | 2018–2019 actual result | 2019–2020 actual result |
|---|---|---|---|---|---|---|
| Canadians are strengthening their financial knowledge, skills and confidence | Percentage of Canadians who strengthen their financial knowledge | 5% increase | 2022-03-31 | NA | NA1 | 62% |
| Percentage of Canadians who strengthen their financial confidence | 5% increase | 2022-03-31 | NA | NA1 | 40% | |
| Percentage of Canadians who adopt desired financial behaviours | 5% increase | 2022-03-31 | NA | NA1 | 49% | |
| Percentage of non-budgeters who begin budgeting | 5% increase | 2022-03-31 | 23% | 20% | 23% | |
| Percentage of non-budgeters who are confident in their ability to make and follow a budget | 5% increase | 2022-03-31 | NA | 14% | 18% | |
| Number of Canadians reached through initiatives supporting the National Strategy for Financial Literacy | 5% increase | 2022-03-31 | NA2 | NA2 | 9,273,426 |
NA = not applicable.
1 Based on the Canadian Financial Capability Survey conducted every 5 years.
2 Baseline was established in 2019–2020.
| 2021-22 planned expenses | 2022–23 planned expenses | 2023–24 planned expenses |
|---|---|---|
| 7.5 | 8.0 | 8.3 |
| 2021-22 planned full-time equivalents | 2022–23 planned full-time equivalents | 2023–24 planned full-time equivalents |
|---|---|---|
| 37 | 40 | 41 |
Internal Services
FCAC’s core responsibilities are supported by a solid foundation of financial management and by the expert advice and services provided by its marketing and communications, legal, human resources, information technology and administration teams.
| 2021-22 planned expenses | 2022–23 planned expenses | 2023–24 planned expenses |
|---|---|---|
| 28.3 | 29.3 | 27.9 |
| 2021–22 planned full-time equivalents | 2022–23 planned full-time equivalents | 2023–24 planned full-time equivalents |
|---|---|---|
| 108 | 108 | 108 |
More information on FCAC’s financial and human resources can also be found in GC InfoBase.
Annex B: 2021–2026 evaluation plan
2021–2022: Cyber security
Test cyber-security policies, standards, infrastructure and training.
2022–2023: Business continuity plan and physical security
Evaluate the effectiveness of the business continuity plan and physical security protocols.
2022–2023: Access to Information and Privacy
Evaluate the effectiveness and efficiency of Access to Information and Privacy processes within the Agency.
2023–2024: Strategic policy function
Evaluate the Agency’s ability to translate emerging issues and trends into policy positions and actionable advice.
2023–2024: Project management
Evaluate the effectiveness of the Agency’s project management function.
2023–2024: Information management
Evaluate the effectiveness and efficiency of the Agency’s information management processes.
2024–2025: IT service management
Evaluate IT service management practices, including knowledge management, the service catalogue, project management, service improvement review, service- and operational-level agreements, architecture management and information security.
2024–2025: Performance management and recognition
Evaluate the effectiveness of performance management and awards and recognition programs.
2025–2026: Risk assessment – Market Conduct Profiles
Evaluate the Market Conduct Profile tool to assess the extent to which it is integrated into the Supervision Framework’s risk-based approach.
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