Infographic – Supervision Framework

From: Financial Consumer Agency of Canada

infographic – Supervision Framework
Text version: Infographic – Supervision Framework

This Supervision Framework describes the principles and processes applied by the FCAC to supervise regulated entities and ensure that financial consumers and merchants continue to benefit from the applicable protections.

Guiding principles

FCAC’s supervisory activities and decisions are driven by its mandate and guided by the following four principles:

  • transparency
  • proactivity
  • proportionality
  • accountability

Pillars of supervision

FCAC employs a variety of tools that broadly support three pillars of supervision.

Promoting responsible market conduct

  • Engagement with stakeholders
  • Engagement with regulated entities
  • Guidance
  • Publication of Commissioner's Decisions and Proceeding Summaries

Monitoring market conduct

  • Market Conduct Profiles
  • Examinations
  • Mandatory reporting
  • Third-party intelligence
  • Industry reviews
  • Special audit

Enforcing market conduct obligations

  • Investigations
  • Notices of Breach
  • Action Plans
  • Compliance Agreements
  • Notices of Violation
  • Notices of Non-Compliance
  • Commissioner's Decisions and Proceeding Summaries
  • Commissioner's Directon
  • Court Enforcement

Regulated entities

While supervision fosters compliance, regulated entities remain fully responsible for fulfilling their market conduct obligations. Supervision varies in intensity proportionate to an entity’s inherent risks and their ability to effectively manage those risks.

  • federally regulated financial institutions (FRFIs)
  • external complaints bodies (ECBs)
  • payment card network operators (PCNOs)
Report a problem or mistake on this page
Please select all that apply:

Thank you for your help!

You will not receive a reply. For enquiries, contact us.

Date modified: