FCAC publishes Report on Best Practices in Financial Consumer Protection

May 14, 2018
Ottawa, Ontario 

The Financial Consumer Agency of Canada (FCAC) today published its Report on Best Practices in Financial Consumer Protection. 

The Report is in response to a request from the Minister of Finance that FCAC engage with provincial and territorial regulators and other key stakeholders to identify best practices in financial consumer protection in place across the country. The scope of FCAC’s review focused on consumer protection measures that apply to financial products and services, such as credit products and deposit products. In parallel, FCAC assessed international best practices and the current federal framework. 

While FCAC found Canada’s overall federal financial consumer protection framework to be strong, it noted areas that could be strengthened, including addressing certain business practices, better supporting the supervisory and enforcement work of the agency with additional tools, and introducing targeted measures to better empower and protect consumers. 

The Report’s findings will help inform the Government’s work on a new financial consumer protection framework.