Financial Consumer Agency of Canada

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Overview

At the Financial Consumer Agency of Canada (FCAC), our work is guided by our vision of a fair and competitive financial marketplace in which Canadians can easily obtain reliable information to help them make sound financial decisions. After three full years of operation, the Agency has reached a state of development that affords it a clear understanding of the needs of Canadian financial consumers and allows it to function effectively as a regulator of market conduct.

Making a difference to consumers

FCAC works proactively to inform Canadians about financial matters. Through our oversight and monitoring of the federally regulated financial services industry, we improve the marketplace for consumers.

During 2004–05, we continued to use a wide range of methods to tell Canadians about their rights and responsibilities in the financial marketplace. We distributed more than 500,000 copies of our consumer publications, in print as well as through our Web site. We also upgraded the Web site, adding to it two new databases designed to keep consumers informed.

Over the year, we expanded our ongoing plain-language initiatives. We updated our plain-language publications on the Access to Basic Banking Services Regulations. With other government departments, we worked to help Canadians with low levels of literacy understand their financial rights.

In addition, our work on informing consumers involved mortgage document improvements, consumer fraud alerts, service-fee monitoring, outreach through trade shows and conferences, and participation in international forums on market conduct regulation.

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