Quarterly Financial Report for FCAC for the quarter ended December 31, 2025

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Financial Consumer Agency of Canada
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Ottawa, ON K1R 7Y2

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ISSN 2816-7821

©His Majesty the King in Right of Canada, as represented by the Minister of Finance Canada, February 2026.

Aussi disponible en français sous le titre : Rapport financier trimestriel de l'ACFC pour le trimestre terminé le 31 décembre 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. A description of FCAC’s program activities can be found in FCAC Business Plan 2025-2026.

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 December 31, 2025, totalled $15,227,457 or 77.9% of its budgeted expenditures of $19,549,822 for the period, compared to 94.7% for the same period last year. The variance to budget as at December 31, 2025 of $4,322,365 is primarily due to lower than planned personnel costs, predominately related to delays in staffing vacant positions ($986,867), and lower spending in professional services and information costs ($1,719,077 and $1,412,777 respectively).

When compared to the previous year, FCAC’s total expenditures for the three months ended December 31, 2025, of $15,227,457 were $374,218, or 2.4% lower than the same period last year. This variance is primarily due to lower costs for information due to timing of the advertising campaign ($2,657,752). This decrease was offset by increased personnel costs ($1,689,261) and increased professional services and rental costs ($482,230 and $143,621 respectively).

Year-to-date results

FCAC’s total expenditures for the nine months ended December 31, 2025, totalled $43,045,283 or 78.0% of its budgeted expenditures of $55,156,526 for the period, compared to 85.9% for the same period last year. The variance to budget as at December 31, 2025, of $12,111,244, is primarily due to lower than planned personnel costs as a result of delays in staffing vacant positions ($3,718,865), professional services required ($5,254,754), and information costs ($2,227,450). It should be noted that the transition of consumer-driven banking to the Bank of Canada resulted in lower than planned expenditures of approximately $3.4 million.

When compared to the previous year, FCAC’s total expenditures for the nine months ended December 31, 2025, of $43,045,283 were $2,124,038 or 5.2% higher than the same period last year. This variance is primarily due to increases in personnel ($5,062,984) and rental costs ($340,006), which were offset by lower spending in information costs ($2,869,851), and lower spending in professional services ($400,833).

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

Budget 2025 announced the government’s intention to delegate oversight of the Consumer-Driven Banking Act to the Bank of Canada, effective April 1, 2026, building on its oversight activities of payment service providers.

Following the Budget 2025 announcement, FCAC has initiated a transition of responsibilities to the Bank of Canada. FCAC will maintain a role in helping Canadians understand how to safely share their financial data through consumer-driven banking, reinforcing its core mandate.

Approved by

Shereen Benzvy Miller
Commissioner
Financial Consumer Agency of Canada
January 20, 2026

Werner Liedtke, CPA, CMA
Chief Financial Officer
Financial Consumer Agency of Canada
January 20, 2026

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.