Financial Consumer Agency of Canada publishes 2018-2019 Annual Report 

News release

December 11, 2019
Ottawa, ON

The Financial Consumer Agency of Canada (FCAC) has released its 2018–2019 annual report. The report shows how FCAC has delivered on the commitments in its 2018-2019 Business Plan.


  • FCAC implemented a new Supervision Framework to ensure it carries out its supervision responsibilities in a proactive, accountable and transparent way.
  • FCAC received 3,992 consumer complaints, of those complaints 429 were related to compliance with consumer protection provisions that FCAC oversees.
  • FCAC issued 7 Decisions following notices of violation and imposed administrative penalties totalling $625,000.
  • FCAC provided guidance by issuing Compliance Bulletin B-7 on the role of payment card network operators in ensuring participant compliance with the "Code of Conduct for the Credit and Debit Card industry in Canada". 
  • FCAC held its annual industry sessions for federally regulated financial entities and for payment card network operators. These sessions allow the Agency to clarify its expectations with the organizations it supervises and to support them in proactively managing their compliance risk.
  • FCAC’s Consumer Protection Advisory Committee met twice and provided input and insight to FCAC including FCAC’s review of the banking industry’s complaint-handling procedures and the development of the code of conduct to guide banks in delivering services to Canada’s seniors.
  • FCAC engaged with banks and seniors’ groups to create a code of conduct to guide banks in delivering services to Canada’s seniors. The Code was adopted by members of the Canadian Bankers Association in July 2019.
  • FCAC continued to support the implementation of the National Strategy for Financial Literacy – Count me in, Canada by working closely with partners and collaborators across the country to strengthen the financial literacy of Canadians.
  • FCAC partnered with the Seven Generations Education Institute and Martin Family Initiative to develop a financial literacy pilot project for Indigenous adults. This program addresses some of the unique barriers faced by Indigenous Peoples in achieving financial well-bring.
  • FCAC celebrated the eighth annual Financial Literacy Month, held in November 2018 under the theme, 'Invest in your financial well-being'.
  • FCAC launched a nine-week, national digital advertising campaign focused on debt management under the theme, 'Take charge of your finances'. It encouraged Canadian adults to take concrete actions to better manage their money and debt and be vigilant about debt products on offer.
  • FCAC held the second National Research Symposium on Financial Literacy. The symposium’s theme was 'Using Research to Improve the Financial Well-Being of Canadians', underlining the important role that evidence plays in improving financial outcomes for Canadians.
  • The Agency published a report, "Home equity lines of credit: Consumer knowledge and behaviour", which assessed Canadians’ knowledge, awareness and opinions regarding the key terms, conditions, fees and risks associated with home equity lines of credit (HELOCs). 
  • FCAC created a new online resource called "Financial Wellness in the Workplace" to help employers improve employee’s financial well-being of its employees and promote the importance of financial wellness programs in the workplace. 

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Financial Consumer Agency of Canada

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