6/14/2007
OTTAWA, June 14, 2007 Today, the
Financial
Consumer Agency of Canada (FCAC) released a series of financial "tip
sheets" that
give Canadians a quick and easy way to understand the basic facts about 15
financial
products and services.
"We all know that finding information on financial products and
services and
understanding it can sometimes be difficult," said FCAC's
Acting Commissioner, Jim Callon. "FCAC's new series of tip sheets
offers
a practical solution to help consumers grasp the essentials related to a
particular
financial product, service or issue. The tip sheets provide a clear, simple
summary
of important financial topics."
"Knowing the right questions to ask while you explore your options and shop
around for financial products and services is not always easy. Our tip sheets
provide
consumers with a number of crucial questions they can ask financial institutions
when they are looking for information," added Callon.
Busy people, youth, new Canadians and anyone else who would like to have a short,
basic introduction to financial matters will find that FCAC's first 15 tip
sheets cover a wide range of subjects, including the following:
personal bank accounts and low-cost accounts
bank branch closures
credit cards
credit card, debit card and identity fraud
lines of credit
pre-paid cards
payday loans
collection agencies
making a complaint
Registered Education Savings Plans (RESPs)
mortgages and reverse mortgages.
The tip sheets also guide readers to relevant FCAC publications if they want to
learn more about a particular financial product or issue. "Our tip sheets
give consumers the basics, but we hope they won't stop there," said
Acting Commissioner Callon. "If they want to learn more, FCAC is there for
consumers, with a wealth of straightforward, unbiased information to help them
make sense of the financial marketplace."
FCAC will add new tip sheets on a regular basis. "Based on the thousands
of contacts the Agency receives from Canadians every year, FCAC has a good grasp
of the issues facing financial consumers," added Callon. "We also
invite
consumers to suggest topics of interest that could be included in the series, by
calling our Consumer Contact Centre or contacting us through our Web
site."
The tip sheets are the latest product from FCAC that promotes financial literacy.
Since 2001, the Agency has been giving Canadians the tools and information they
need to enhance their financial knowledge and skills and their ability to make
sound financial decisions.
FCAC's tip sheets and other useful publications are available on its Web
site at www.fcac.gc.ca, or through the Agency's
new Web portal, moneytools.ca. Consumers
can obtain print copies, free of charge, by calling the Agency's Consumer
Contact Centre, toll-free, at: 1-866-461-3222.
FCAC ensures compliance with the consumer protection laws and monitors compliance
with the codes of conduct and public commitments that apply to banks and federally
incorporated trust, loan and insurance companies. FCAC also provides consumers
with accurate, objective information about financial products and services, and
informs Canadians of their rights and responsibilities when dealing with federally
regulated financial institutions.
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Media contacts:
Anna Arneson
Martine Bélanger
Communications Officer
Communications Officer
613-948-2707
613-941-8982
arneson.anna@fcac.gc.ca
belanger.martine@fcac.gc.ca
