Building momentum: Financial Consumer Agency of Canada releases 2014-2015 Annual Report

News Release

For Immediate Release

Agency puts consumer first through proactive, transparent supervision of financial institutions; increased collaboration and coordination in promoting financial literacy.  

December 10, 2015          Ottawa          Financial Consumer Agency of Canada

Lucie Tedesco, Commissioner of the Financial Consumer Agency of Canada (FCAC), today released the Agency’s 2014–2015 Annual Report. It details how the Agency has become more proactive and transparent in its supervision of federally regulated financial entities, expanded its financial literacy activities and restructured to align internal operations with its priorities in protecting financial consumers’ interests.

The report includes messages from the Commissioner, Deputy Commissioner and Financial Literacy Leader, the Agency’s scorecard in achieving its six priorities and an infographic illustrating the year’s highlights.

Quick Facts

FCAC’s 2014–2015 achievements include:

• Investigating 1,134 cases for potential compliance violations; 628 files were opened. All issues were resolved without the need to issue any notices of violation.
• Hosting its first industry session with more than 140 representatives from regulated entities, to discuss FCAC’s priorities and emerging issues.
• Participating in three rounds of public consultations across Canada in which the Financial Literacy Leader talked to nearly 500 stakeholders and other Canadians: youth, seniors, Aboriginal communities, newcomers to Canada, low-income earners and persons with disabilities.
• Launching the Strengthening Seniors’ Financial Literacy strategy aimed at increasing the financial literacy of seniors and Canadians approaching their senior years.  
• Updating FCAC’s Account Selector Tool to make it easier for consumers to choose the bank accounts that best meet their needs.
• Unveiling the new Canadian Financial Literacy Database. It provides Canadians with a vast array of financial literacy resources, events and tools available from various financial education providers, including the public, private and non-profit sectors across the country.
• Publishing research highlighting gaps in the financial literacy of Canadians.
• Strengthening the Agency’s compliance framework and increasing supervisory transparency through greater engagement with financial entities and other stakeholders.
• Launching an online financial-literacy quiz through which Canadians can assess their financial literacy skills and knowledge and access resources to help them fill in knowledge gaps.
• Promoting a 30-second video, Don’t Let Your Finances Surprise You, which generated over 13.5 million views online and 312,000 clicks to FCAC’s website.
• Engaging with the public via FCAC’s website (visits: 1.5 million), its Consumer Services Centre (more than 9,000 inquiries handled), Twitter (10,203 followers and over 23 million reached) and news media (672 FCAC mentions in Canadian publications and news websites).

Quotes

“The FCAC is now well into its second decade. More than ever, we must work diligently to keep pace with the growing number of increasingly complex and often-changing financial products and services on offer to consumers. We are determined to help Canadians improve their financial literacy and awareness of their financial rights and responsibilities, so they can make sound financial decisions suited to their individual circumstances.”

Lucie Tedesco, Commissioner, Financial Consumer Agency of Canada

“This past year, we made progress on important supervisory initiatives to strengthen financial consumer protection in Canada. We also made necessary investments in our corporate infrastructure, particularly in renewing our oversight model, to enhance FCAC’s ability to discharge its mandate in a dynamic marketplace.”

Brigitte Goulard, Deputy Commissioner, Financial Consumer Agency of Canada

“Laying the groundwork for a national strategy for financial literacy was a top priority during the first year of my mandate as Financial Literacy Leader. My team and I undertook extensive information gathering to build a better understanding of the issues, the people and the players active in financial literacy.”

Jane Rooney, Financial Literacy Leader, Financial Consumer Agency of Canada

Associated Links

• 2014–2015 Annual Report
• Financial Consumer Agency of Canada
• Strengthening Seniors’ Financial Literacy strategy
• Account Selector Tool
• Canadian Financial Literacy Database
• Banking Fees in Canada: Patterns and Trends
• International Review: Mobile Payments and Consumer Protection

Contacts

Media Relations
Financial Consumer Agency of Canada
613-941-4168
media@fcac-acfc.gc.ca 

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