FCAC’s new Supervision Framework now in effect
October 3, 2018
The Financial Consumer Agency of Canada’s (FCAC’s) new Supervision Framework is in effect as of October 1, 2018, further strengthening FCAC’s oversight of the financial services marketplace. The new framework illustrates FCAC’s vision for a robust and effective oversight of financial institutions, payment card network operators and external complaint bodies and is designed to enhance protection of Canadian financial consumers. The framework also prepares the Agency to address a dynamic and constantly changing financial services marketplace.
The new framework will enable FCAC to proactively monitor regulated institutions and ensure they continuously assess and improve their internal controls to meet their obligations to financial consumers. The framework will also assist the Agency in its efforts to understand emerging risks before they impact consumers.
To further strengthen its supervisory activities, FCAC has created a new enforcement division which forms part of its Supervision and Promotion Branch. The new division will bolster the rigour and independence of the Agency’s investigation function and improve its ability to protect Canadians.
“Robust and effective consumer protection is vital to maintaining public trust in Canada’s strong, stable, and competitive financial system. The new Supervision Framework establishes a strong foundation for the future, and strengthens FCAC’s oversight to ensure Canadians continue to benefit from the protections put in place by the Government of Canada.”
Commissioner, Financial Consumer Agency of Canada
The new Supervision Framework:
- applies to federally regulated financial institutions
- updates and replaces the Compliance Framework
- was finalized following public consultations
Financial Consumer Agency of Canada
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