Appearance before the Standing Committee on Finance (July 7, 2020): Financial Consumer Protection Framework


In December 2018, the government approved legislative amendments as part of a strengthened Financial Consumer Protection Framework (FCPF) to better protect financial consumers. These legislative amendments create obligations on banks, and will strengthen FCAC’s ability to protect financial consumers through new powers and tools to better enable the Agency to meet its mandate.


Some of the new FCPF authorities came into force on April 30, 2020 and the rest of the FCPF will come into force at a later date (as will be decided by the Minister of Finance and the Treasury Board). The amendments that came into force are powers and authorities for the FCAC’s Commissioner. The other elements that will come into force at a later date are obligations on the banks that require time for both industry and the FCAC to prepare for implementation.

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