FCAC’s stakeholder engagement and consultation framework for compliance issues

From: Financial Consumer Agency of Canada

The Fi​nancial Consumer Agency of Canada (FCAC) benefits from the input of a wide array of stakeholders—federally regulated financial entities, consumer advocates, educators and others in the government and the private sector—to inform its work.


In su​pport of its strategic priority of transparent and proactive supervision, FCAC has developed a consultation and engagement framework. 

The framework will strengthen and formalize FCAC’s consultation process and fulfill its commitment to engaging stakeholders. 

This fram​ework seeks stakeholder input through: 

  1. compliance consultations on specific regulatory and supervisory matters; and
  2. stakeholder engagement on wider issues of mutual interest (such as the evolution of mobile payment systems). 


FCAC engages​ and consults with many relevant stakeholders, including, but not limited to: 

  • federally regulated financial entities
  • financial industry associations
  • other regulators (federal, provincial and municipal)
  • consumer groups
  • legal representatives
  • merchant groups/associations
  • recognized subject-matter experts and consultants
  • the general public
  • academics

When inviting groups to deliber​ate on a topic, FCAC will make every effort to seek out stakeholders who may have an interest in the subject matter. Public consultations will be held when the opinions of Canadians in general are being sought.

For e​xample, if FCAC proposes to issue a Commissioner’s Guidance on a subject related to the Code of Conduct for the Credit and Debit Card Industry, we may invite payment card network operators and merchant associations to the initial consultation. Depending on the issues, FCAC may then open the consultation to the general public. 

Use and disc​​losure of comments

Comments p​rovided to FCAC will be considered and applied in accordance with the terms of the specific engagement or consultation process. Terms could include the right of FCAC to reproduce, translate and publish the comments, in whole or in part, on FCAC’s website.

Comm​ents received by FCAC will be subject to the Access to Information Act and the Privacy Act, and may be disclosed in accordance with their provisions. 

A. Comp​lia​​nce consultations

FCAC will con​sult with stakeholders on:

  • compliance-related initiatives that are likely to have a regulatory impact (e.g. Commissioner’s Guidance and Compliance Bulletins); and
  • administrative changes that are likely to have a significant impact on stakeholders (e.g. changes to the Compliance Framework).​

The main ob​jective of FCAC’s consultation process is to give stakeholders an opportunity to express their views on matters that concern them. This process is also intended to increase the transparency of FCAC’s supervision activities. 

Types of con​​​sultations

FCAC may ​use any of the following types of consultations:


Before a more formal consul​​tation process, we may seek input from select groups of stakeholders on sensitive and/or complex subject matters. A pre-consultation could take the form of a document review and/or a closed-door meeting, for example, and may be followed by an expanded consultation with industry stakeholders and the public. Key messages and relevant documents would be provided for review and comment on a confidential basis.

Public con​su​​ltations

Through pub​lic consultations, we may seek input from members of the general public on matters that affect them so that many perspectives are taken into account.

Industry consul​​​tations

Through ind​ustry consultations, we may seek input from federally regulated financial entities and/or industry associations. We would involve the industry in important compliance-related discussions on matters that could have a significant impact on their operations. Industry consultations would also help FCAC to ensure its compliance materials are still practical and relevant. We intend to use this type of consultation in developing Commissioner’s Guidance and similar regulatory-related documents.

Targeted co​nsu​​ltation

From time to tim​e, we may select a group of people who represent a cross-section of stakeholders so we can quickly gather the views of a target group. We would send a draft document directly to targeted participants for their review. These consultations may be followed by industry consultations.


FCAC will ensu​re that consultation timeframes and deadlines give participants a reasonable amount of time to prepare and provide their input. When possible, we will allow 60 calendar days for formal consultations, starting the day the consultation document is posted on FCAC’s website and the Government of Canada’s Consulting with Canadians website​. There may be a longer response period for complex compliance topics. We will ensure that stakeholders are given adequate notification of the length of the comment period.

Provi​ding c​​omments

Unless indi​cated otherwise, participants should submit their comments via:




Compliance Branch
Financial Consumer Agency of Canada
427 Laurier Avenue West, 6th floor
Ottawa, ON K1R 1B9



Participants who want to submit their comments to FCAC anonymously can do so. However, FCAC can consider comments more effectively when it is able to follow up with stakeholders, should clarification be required. 


FCAC will analyze and consider all relevant comments.

For any public consultations, FCAC may publish a report summarizing the main comments received, our rationale for accepting or declining stakeholder comments, any changes we made, and the impact the comments may have on the Agency’s supervisory work.

For targeted or industry consultations, FCAC may summarize the comments and communicate them to participants, along with our rationale for accepting or declining stakeholder comments. 

Publish​ing results​​ of public consultations

FCAC will publish its public consultation information on:

  • FCAC’s website
  • the Government of Canada’s Consulting with Canadians website
  • FCAC’s social media accounts (if appropriate)

B. Stakehol​der eng​​agement

Through stakehol​der engagement sessions, we will undertake an open and honest dialogue in order to help build understanding and trust on issues that are of mutual interest. Stakeholder engagement sessions will promote transparency, consistency and clarity in the way FCAC communicates with stakeholders. They will also form part of FCAC’s ongoing commitment to capturing and sharing knowledge about financial consumer protection.

We will sche​dule regular stakeholder engagement sessions with groups, businesses and individuals who have interest in financial consumer protection. These could take the form of formal or informal meetings, and may be conducted by conference calls, face-to-face meetings, roundtable discussions or webinars. The timing and type of sessions will depend on the topics of interest and on stakeholders’ availability.

Depending on the issue to be discussed, FCAC could invite specific stakeholders to attend certain sessions, while inviting all interested parties, including the general public, to others.

FCAC may summarize the topics discussed and communicate the comments received during the sessions to stakeholders. When possible, we will also communicate the intended use of the information received.​​​​​ 

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