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Financial Consumer Agency of Canada
From Wikipedia, the free encyclopedia
The Financial Consumer Agency of Canada (FCAC) is an independent government agency of the Government of Canada.
Created in 2001, the Agency works to protect and educate consumers in the area of financial services. FCAC provides consumer information and oversees financial institutions to ensure that they comply with federal consumer protection measures. FCAC is headed by a Commissioner, appointed for a five-year term. The first Commissioner (2001-2006) was William G. Knight, a former Member of Parliament from Saskatchewan. The current Acting Commissioner is Jim Callon.[1]
Under its enforcement mandate, the Agency investigates cases non-compliance with consumer protection measures in Canadian legislation. FCAC identifies potential cases using consumer complaints handled through its toll-free contact line, as well as through the inquiries and investigations of its officers. The Agency's Commissioner can impose a variety of penalties on institutions found to be in violation of consumer measures, including monetary penalties and public naming of the institution.[2]
FCAC's Commissioner reports to Parliament annually with his assessment of federally regulated institutions' compliance with legislation.
Under its consumer education mandate, FCAC publishes a number of guides on financial consumer issues. These publications are available through its website. The Agency's website also features interactive versions of several of its publications, including tools that allow consumers to find credit cards and banking packages that suit their needs, from among those available in Canada.