Consultation on FCAC’s proposed Supervision Framework and Publishing Principles for FCAC Decisions

Invitation for comments

We invite all interested parties to submit their comments by email to​ compliance@fcac.gc.ca. 

We will also accept written comments by mail or fax at:

Financial Consumer Agency of Canada
Supervision and Promotion Branch
427 Laurier Avenue West, 6th floor 
Ottawa, ON K1R 1B9
Fax: 613-941-1436

All submissions must be received by November 14, 2016. Individual submissions will not be published. By submitting a response to this consultation, you consent that portions of your response may become public. Where necessary, comments submitted may be revised to remove sensitive or identifying information. FCAC may wish to quote from or summarize comments in its publi​c documents and post part of them on its website. Please indicate clearly if you would prefer that FCAC withhold all or part of your comments from its public documents.

All comments received by FCAC will be subject to the Access to Information Act and may be disclosed in accordance with its provisions. Should you express an intention that your submission, or any portions thereof, be considered confidential, FCAC will make every reasonable efforts to protect this information.

Backgr​ound

FCAC’s existing Compliance Framework is central to FCAC’s compliance activities, as it outlines how FCAC supervises and monitors regulated entities’ adherence to regulatory requirements and the various industry codes of conduct and public commitments. FCAC last updated its framework in 2011. Since then, FCAC’s mandate has expanded to include new activities and new types of regulated entities. FCAC has also increasingly focused on proactive and risk-based supervision. Because of these changes, it became apparent that FCAC needed a new framework designed for the continually evolving financial services sector.

FCAC is seeking comments and feedback on the following documents:

• Proposed Supervision Framework​
• Publishing Principles​ for FCAC Decisions​

Proposed Supervision Framework

Taking into account FCAC’s expanded mandate, stakeholder feedback, and new strategic priorities, the Supervision Framework describes the principles and processes FCAC uses to supervise the market conduct of federally regulated financial entities and to ensure that financial consumers an​d merchants continue to benefit from the applicable protections.

The Supervision Framework outlines FCAC’s general approach to supervising and monitoring regulated entities, and is not intended to be a stand-alone initiative. Supporting initiatives, including additional guidance documents and redesigned internal processes, will be developed and p​hased-in over time. Together, the Supervision Framework and supporting initiatives will improve FCAC’s ability to fulfill its mandate and adapt quickly to changes in the financial services sector.

The framework illustrates how FCAC will approach supervision, but it is not intended to provide a detailed description of how FCAC would proceed on specific cases or compliance matters.

Publis​hing Principles for FCAC Decisions

Along with the new Supervision Framework, FCAC has developed new Publishing Principles that clarify how FCAC will publish information about Notices of Violation, Notices of Decision and Notices of Non-Compliance.​

Next s​teps

FCAC will consider all comments received and modify the Supervision Framework, where appropriate. An anonymized summary of comments ​and FCAC’s responses will be posted online once the final version of the Framework is released.​