10/22/2007
Web site traffic almost doubles as more consumers visit
the Agency on-line to find objective financial information
OTTAWA, October 22, 2007 The Financial Consumer
Agency of Canada (FCAC) today released its 2006-07 Annual Report.
The report shows that almost 1.45 million people visited FCAC's Web site in
2006-07, an 89 percent increase over the 766,000 visitors to the site in the
previous year. And more people than ever are downloading FCAC publications from
the
Web.
"Working with stakeholders, we strive to ensure that the marketplace is
fair and competitive and that consumers can make sound decisions based on clear
and accurate disclosure from financial institutions," said Acting
Commissioner Jim Callon. "For their own protection, consumers should know
about the financial products and services they use. With the necessary
knowledge, they can reach informed decisions and help to make the marketplace
more competitive."
In 2006-07, FCAC continued to improve and add to its family of consumer
education tools and publications:
It developed a publication about pre-paid cards to help consumers compare
these with other payment products.
It developed a series of plain-language tip sheets for consumers,
providing quick, clear and concise information on financial products and
topical
issues such as fraud and identity theft.
It produced a plain-language DVD telling consumers how to open a bank
account and cash a Government of Canada cheque for free. This will be
distributed to federal government partners and non-governmental
organizations.
It redesigned its Web site, streamlining and organizing material so that
visitors can find information more easily.
It created the consumer Web portal moneytools.ca.
It enhanced its Cost of Banking Guide interactive tool to provide more
detail on banking packages. Consumers can now compare up to five packages at
once or see all packages available by province.
It continued to expand its Frequently Asked Questions database, which now
has approximately 85 questions and answers.
As the federal market conduct regulator for federally regulated financial
institutions, FCAC supervises banks and federally incorporated trust, loan
and insurance companies to ensure they comply with federal consumer protection
measures that apply to them.
The Agency's supervision has a considerable impact on Canada's
financial marketplace. For example, FCAC has promoted significant improvement to disclosure
documents; it has verified the accuracy of information given to consumers about
the way interest and fees are calculated; and it has ensured access to bank
accounts. A single compliance case may lead to changes throughout the industry
and improvements for thousands or even millions of Canadians.
"We are proud of our achievements to date. And we are aware that they
have been possible because of the ongoing cooperation and responsiveness of our
partners, key consumer groups, stakeholders and federally regulated financial
institutions," said Acting Commissioner Callon.
FCAC's
annual report is posted on its Web site at www.fcac.gc.ca. For
print copies, call the Agency toll-free at 1-866-461-3222
(1-866-914-6097 for TTY service).
FCAC ensures
compliance with the consumer protection laws, and monitors 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:
John Kane
Martine Bélanger
Manager, External Communications
Communications Officer
613-941-8988
613-941-8982
kane.john@fcac.gc.ca
belanger.martine@fcac.gc.ca
