Quarterly Financial Report for FCAC for the quarter ended September 30, 2025

Introduction

The Quarterly Financial Report (QFR) for the Financial Consumer Agency of Canada (FCAC, or the Agency) has been prepared by management as required by section 65.1 of the Financial Administration Act and in the form and manner prescribed by the Treasury Board.

The Financial Consumer Agency of Canada Act (the Act) outlines FCAC’s functions and administration and enforcement powers and lists the sections of federal laws and regulations under its supervision .

The QFR has not been subjected to an external audit or review.

Basis of Presentation

This quarterly report has been prepared by management using an expenditure basis of accounting. The accompanying Statement of Authorities includes the Agency’s spending authorities as set out in section 13 of the Act. This quarterly report has been prepared using a special purpose financial reporting framework designed to meet financial information needs with respect to the use of spending authorities.

The Agency uses the full accrual method of accounting to prepare and present its annual financial statements that are part of the departmental results reporting process. However, spending authorities included in this report remain on an expenditure basis.

Highlights of the fiscal quarter and the fiscal year-to-date (YTD) results

Quarterly results

FCAC’s total expenditures for the three months ended September 30, 2025, totalled $14,712,843 or 81.1% of its budgeted expenditures of $18,129,996 for the period, compared to 80.7% for the same period last year. The variance to budget as at September 30, 2025 of $3,417,153 is primarily due to lower than planned personnel costs as a result of delays in staffing vacant positions ($871,049), timing delays related to professional services costs ($1,612,142), information related costs ($656,997), lower than planned spending on travel ($139,584) and rental costs ($102,001).

When compared to the previous year, FCAC’s total expenditures for the three months ended September 30, 2025 of $14,712,843, were $2,178,731 or 17.4% higher than the same period last year. This variance is primarily due to increases in personnel costs ($2,244,414) and rentals ($172,057), offset by lower spending in professional services ($252,836).

Year-to-date results

FCAC’s total expenditures for the six months ended September 30, 2025, totalled $27,817,825 or 78.1% of its budgeted expenditures of $35,606,704 for the period, compared to 81.9% for the same period last year. The variance to budget as at September 30, 2025 of $7,788,879 is primarily due to lower than planned personnel costs as a result of delays in staffing vacant positions ($2,731,998), timing delays related to professional services costs ($3,535,677) and information costs ($814,672).

When compared to the previous year, FCAC’s total expenditures for the six months ended September 30, 2025 of $27,817,825 were $2,498,254 or 9.9% higher than the same period last year. This variance is primarily due to increases in personnel costs ($3,373,723), offset by lower spending in professional services ($883,063).

Risks and Uncertainties

Enterprise risk management

The environment in which FCAC operates carries an array of risks to the achievement of its mandate and objectives. While many of these challenges are always present, the extent to which they pose a financial risk to FCAC’s objectives varies, depending on economic and financial conditions, and the financial industry environment and its impact on financial consumers. FCAC’s ability to achieve its mandate depends on the timeliness and effectiveness with which it identifies, evaluates, prioritizes, and develops initiatives to address areas where it is most at risk.

Economic, industry and supervisory environment

FCAC operates in a rapidly evolving financial marketplace, including increasingly complex financial products and new technology developed to suit the needs and demands of today’s consumers. This may impede FCAC’s ability to keep pace with this rapid rate of change.

FCAC must continue to assess the impact of these changes and be prepared to re-allocate funding while remaining flexible. FCAC must also stay abreast of new developments and discussions, both domestically and internationally, and leverage resulting opportunities, while managing risks to ensure the continued achievement of its mandate.

Financial risks

Financial risks, primarily liquidity and credit risks, are closely managed and continue to be rated low.

Significant changes in operations, personnel and programs

The 2024 Fall Economic Statement earmarked additional funding for FCAC over 3 years, beginning in 2025–2026, to implement Canada’s Consumer-Driven Banking Framework.

In 2025–26, FCAC will establish new functions, including hiring a Senior Deputy Commissioner and building a core team to oversee the Framework. Key priorities include developing accreditation processes, business systems like a public registry, and conducting consumer research to guide implementation and regulation.

Authorities and budgetary expenditures related to this change in mandate are included in the information reported as at September 30, 2025.

Approved by:

Shereen Benzvy Miller
Commissioner 
Financial Consumer Agency of Canada
October 29, 2025

Werner Liedtke, CPA, CMA
Chief Financial Officer
Financial Consumer Agency of Canada
October 29, 2025

Statement of Authorities (unaudited)

Note: Totals may not add due to rounding.

*Includes only authorities available for use at quarter-end.

Note: Totals may not add due to rounding.

*Includes only authorities available for use at quarter-end.

Departmental budgetary expenditures by Standard Object (unaudited)

Note: Totals may not add due to rounding.

Note: Totals may not add due to rounding.