Financial Consumer Agency of Canada
| Agence de la consommation en matière financière du Canada | |
| Agency overview | |
|---|---|
| Formed | 2001 |
| Jurisdiction | Government of Canada |
| Headquarters | Ottawa, Ontario |
| Employees | 54 |
| Annual budget | $10.7M (CAD) |
| Agency executive |
|
| Website | www.fcac-acfc.gc.ca |
The Financial Consumer Agency of Canada (FCAC) is an independent government agency of the Government of Canada. FCAC provides consumer information and oversees financial institutions to ensure that they comply with federal consumer protection measures. Created in 2001, the Agency investigates cases of non-compliance with Canadian consumer protection legislation. It also provides financial tools and information for consumers, including a comprehensive comparison of credit cards, bank accounts types, and mortgages available to Canadians. As well, financial education information is provided for teachers and students.
History
The Agency was created by the Government of Canada in 2001 to protect and inform consumers about financial services. FCAC is headed by a Commissioner, appointed for a five-year term. The first commissioner (2001–2006) was William G. Knight, a former credit union executive and New Democratic Party Member of Parliament from Saskatchewan. The current Commissioner is Ursula Menke.[1]
Compliance and enforcement
Under its compliance and enforcement mandate, the Agency investigates cases of non-compliance with consumer protection measures as set out in Canadian legislation. FCAC identifies potential cases using consumer complaints handled through its toll-free contact line (1-866-416-3222), 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.
FCAC's Commissioner reports to Parliament annually with an assessment of federally regulated institutions' compliance with legislation.
Consumer education
Under its consumer education mandate, FCAC publishes a number of guides and resources on various personal finances issues or financial products and services through its website, along with interactive tools that help consumers find the financial products and services that best suit their needs.
The Agency introduced a new website, moneytools.ca, in March 2007.[2] The resource provides consumers with unbiased information about financial products and services. It includes a comprehensive comparison of the fees, features, interest rates and reward programs of nearly 200 credit cards available in Canada. This database is updated on a quarterly basis with information supplied by the credit card issuing companies.[3] The database also feeds an interactive tool on the FCAC website that uses interview-type questions to build a profile of the user's credit card usage habits and needs. The tool eliminate unsuitable choices based on the profile and presents the user with a small number of credit cards and the ability to carry out detailed comparisons of features, reward programs, and interest rates.[4] Consumer information is also provided on mortgages and bank accounts.
The Agency also launched a financial education portal for Canadian youth in July 2008 called The Money Belt.[5] The portal is designed to make the basics of money management and the financial world more accessible to a youth audience by providing financial education resources for teachers, young people and the public. It also contains links to other financial education programs available in Canada. It allows young consumers to get practical tips and to test their knowledge of money management without the risks and consequences they would otherwise encounter in real-life situations.
The City is an educational resource for high school students to better prepare them to handle the financial realities of adulthood by learning financial life skills through in-class lessons or self-guided online modules.[6] This educational resource was developed by FCAC in partnership with the British Columbia Securities Commission and is freely available on the web.
References
- ^ http://www.fcac-acfc.gc.ca/eng/about/commissioner/commissionerbio-eng.asp
- ^ http://www.moneytools.ca/([dead link])
- ^ Credit card comparison tables
- ^ FCAC - Credit Cards - Interactive Tools For Consumers
- ^ http://www.themoneybelt.gc.ca
- ^ http://www.themoneybelt.ca/thecity-lazone/eng/thecity-eng.aspx