OTTAWA, December 22, 2009 – New regulations on credit cards and other financial products, such as fixed- and variable-rate loans and lines of credit, will come into force on January 1, 2010. This means a number of important changes — particularly better communication of information — for consumers of financial products and services offered by federally regulated financial institutions.
“These new regulations tie in with one of our major objectives: helping consumers gain a better understanding of financial products and services,” explained Ursula Menke, Commissioner of the Financial Consumer Agency of Canada (FCAC).
The new regulations will come into force in two phases: January 1, 2010, and September 1, 2010.
FCAC encourages you to learn more about the new regulations by visiting its website: fcac-acfc.gc.ca.
With educational materials and interactive tools, FCAC provides objective information about financial products and services and informs consumers about their rights and responsibilities when dealing with banks and federally regulated trust, loan and insurance companies. Through its financial literacy program, FCAC helps Canadians increase their financial knowledge and confidence in managing their personal finances. FCAC also makes sure that federally regulated financial institutions respect the laws and agreements that protect consumers.
You can reach us through the FCAC Consumer Contact Centre by calling toll-free 1‑866‑461-2232 (TTY: 613-947-7771 or 1-866-914-6097) or by visiting our website: fcac-acfc.gc.ca.
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Media relations:
Sylviane Desparois
Media Relations Officer
613-941-4990
sylviane.desparois@fcac-acfc.gc.ca
Amélie Sirois
Communications Officer
613-941-1526
amelie.sirois@fcac-acfc.gc.ca
