Federal Agency providing valuable tools, information and protection for financial consumers
OTTAWA, October 4th, 2006 Today the Financial Consumer
Agency of Canada (FCAC) released its fifth annual report, outlining the
Agency's
achievements and activities for 2005-06 as well as reporting on the types of
inquiries
and complaints the Agency received from Canadians during the year.
For the fifth consecutive year since its inception, the Agency saw its contact
with consumers and Web site visits increase significantly. Bill Knight,
Commissioner, attributes the growing popularity of FCAC's resources to the
timeliness and relevance of the Agency's consumer material.
"It's
clear from our numbers that more and more consumers are becoming aware of the
valuable
tools and information the Agency has to offer. As an example, the
interactive
tools on our Web site have become increasingly popular. Last year alone,
visits to the Web site grew by 67%."
In 2005-06 FCAC added to its growing family of consumer education
materials. It
produced and launched two new interactive web-based tools, as well as creating
and updating multiple publications. Highlights include:
developing an on-line credit card interactive tool, which helps consumers
dynamically
compare over 200 credit cards in order to select the cards best suited to their
needs and banking habits;
launching a frequently-asked-questions database with detailed answers to
commonly-asked
questions on a variety of financial topics;
producing Understanding Your Credit Report and Credit
Score, a new publication
that gives consumers information on how to get a copy of their credit report
and score, how to correct any errors they find in the report and a host of
"do's
and don'ts" when it comes to building and maintaining a good credit
score; and
updating the Agency's popular publication on payday loans to include
more timely and helpful information.
The report also outlines FCAC's work in ensuring that banks and other
federally
regulated financial institutions respected their obligations towards
consumers. As
part of the Agency's regulatory role, FCAC and its Commissioner undertook
a number of important decisions and projects, including:
deciding that all borrowers, including co-borrowers, are entitled to
receive the same full disclosure with respect to loans;
analyzing the results of the previous year's large-scale mystery
shopping
exercise on access to banking at retail branches and subsequently working with
the financial institutions involved to address areas of concern;
working with Seneca College to develop a curriculum and course materials
to enhance
educational opportunities for the staff of financial institutions and financial
regulators; and
conducting the Agency's fourth annual general examination of all
federally
regulated financial institutions to evaluate their compliance with the
applicable
consumer provisions.
"We are establishing new ground by identifying information gaps in the
marketplace
and by subsequently providing consumers with the information they need to make
sound financial decisions. This is an ongoing process that evolves as we
learn more about consumers' needs and how to reach them," says
Commissioner
Knight. "Going forward, FCAC will continue to inform Canadians about
financial
matters and, through our oversight and monitoring of the federally regulated
financial
industry, protect their rights."
FCAC's complete annual report is available on its Web site at
www.fcac.gc.ca or
print copies can be obtained by calling the Agency toll-free at:
1-866-461-3222.
FCAC ensures compliance with the consumer protection laws, codes of conduct and
public commitments that apply to banks and federally incorporated trust, loan and
insurance companies. FCAC also provides consumers with accurate
and objective information about financial products and services, and informs
Canadians of
their rights and responsibilities when dealing with financial institutions.
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Media contacts:
Christina McDonald
Communications Officer
(613) 941- 4168
mcdonald.christina@fcac.gc.ca
Martine Bélanger
Communications Officer
(613) 941- 8982
belanger.martine@fcac.gc.ca
