ARCHIVED - Compliance Framework: Reporting to stakeholders
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The Compliance Framework is archived. The Supervision Framework came into effect on October 1, 2018.
Reporting to stakeholders
FCAC seeks to carry out its legislative mandate in an open and transparent manner. Below are the most common methods of communication used by FCAC and/or CEB for reporting to stakeholders:
Commissioner’s Decisions are published on the FCAC website and are intended to provide the industry with details and timely information on various decisions made by FCAC’s Commissioner. This communication enables industry members to assess their own internal processes and compliance with the relevant legislative provisions, voluntary codes of conduct or public commitments and to take appropriate actions, if necessary, to ensure full compliance. Ultimately, the posting of Decisions assists financial entities in carrying out internal work to further enhance compliance.
Previously, FCAC published condensed summaries of the Commissioner’s Reasons for Decision on its website. As of August 2008, the Agency publishes Commissioner’s Decisions on FCAC’s website in full, with minimal omissions to ensure the confidentiality of the relevant parties.
In addition, as of March 2011, the Agency publishes anonymous summaries of all violations and all instances of non-compliance on the FCAC website.
From time to time, the FCAC Commissioner will publish Commissioner’s Guidance to help clarify, explain or interpret what is required to meet the related industry obligations. The guidance describes the Commissioner’s position on issues and subjects of interest to financial entities. It is meant to promote awareness and illustrate ways in which a FRFE can comply with the rules and obligations that are applicable to its regulatory regime.
Guidance is provided by the Commissioner at her discretion. While the Commissioner’s interpretation in a guidance document may provide insight, it is not a substitute for the law.
Compliance Bulletins describe how CEB views the broad requirements of legislation, regulations, codes of conduct or public commitments, and how it interprets these rules in the context of undertaking its compliance work with a FRFE. This form of communication is not an official interpretation of the Commissioner.
The Commissioner may report to the Minister of Finance on issues of importance that have a significant impact on the financial services sector and, ultimately, on the consumer. The Commissioner reports to the Minister at least once per calendar year and provides information on such activities as examinations and inquiries related to legislative provisions, voluntary codes of conduct or public commitments.
Each year, the Commissioner prepares a report for tabling in the House of Commons and the Senate of Canada as required by section 34 of the FCAC Act. This report discusses the operations of FCAC for the year and sets out, in aggregate form, FCAC’s findings on the compliance of financial entities with the legislative provisions.
In commenting upon FCAC’s operations for the year, the Commissioner may also report on the level of compliance with the voluntary codes of conduct and public commitments. The Commissioner will provide information about the types and numbers of issues examined by FCAC, as well as their outcome. The Commissioner may also express views about the implementation of certain codes of conduct or public commitments by financial institutions or by sector.
The FCAC annual report contains general comments on the financial institutions’ complaint-handling systems and procedures. The Commissioner also reports on all types of inquiries and complaints brought to the attention of FCAC. In addition, the Commissioner may provide an analysis of trends in areas of importance to the marketplace, and state how FCAC is reviewing all compliance-related matters.
FCAC keeps abreast of current issues relating to the financial sector, liaises with other government bodies and actively participates in several committees such as the Senior Advisory Committee (SAC), whose mandate is to provide high-level policy advice to the Minister of Finance, and the Financial Institutions Supervisory Committee (FISC), mandated to facilitate the exchange of information on supervisory issues concerning individual financial institutions. By maintaining an active role within the regulatory network, FCAC provides high-level policy advice and facilitates the exchange of information on supervisory issues concerning financial institutions.
The Agency communicates with industry participants in various other methods including:
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