Financial Consumer Agency of Canada

Financial Consumer Agency of Canada

November 03, 2009 10:56 ET

FCAC Releases its 2008-2009 Annual Report: Agency Outlines its Commitment to Financial Literacy

OTTAWA, ONTARIO--(Marketwire - Nov. 3, 2009) - The Financial Consumer Agency of Canada (FCAC) has released its annual report, in which it outlines its achievements and activities in empowering consumers of financial products and services through 2008-2009.

Improving the level of financial literacy among Canadians was FCAC's top priority this year. "If there ever was a time to prove the importance of our role - providing financial education to consumers while keeping a close eye on the financial sector - it has certainly been in the past year," said Ursula Menke, FCAC Commissioner. In fact, the Agency's two mandates work together to empower consumers when it comes time to deal with their financial institutions.

FCAC's new initiatives for 2008-2009

- The Agency promoted The City Financial Life Skills Resource for Teacher and Students among a number of government officials and provincial securities commissions through promotional campaigns, its partners and the 14 provincial and territorial teacher champions to promote use of The City.

- FCAC unveiled The Money Belt, an engaging website that serves as an electronic gateway to financial education.

- Together with the Joint Forum of Financial Market Regulators and Social and Enterprise Development Innovations, FCAC held a conference on financial education entitled Reaching Higher.

- FCAC revised its compliance framework to modernize its approach and develop an efficient and effective framework that promotes compliance by financial institutions in a dynamic financial service marketplace.

- The Agency conducted research to identify and develop clear language and presentation principles. These principles will be implemented in 2009-2010 in the preparation of the Agency's educational materials.

Clearly, in 2008-2009, FCAC gave special attention to building and maintaining partnerships with community groups and members of the financial sector. "These partnerships enable us not only to better reach Canadians, but also to build and maintain a strong consumer protection framework," said Ms. Menke. "It is by working together that we can make a huge, very positive difference for today and for the future."

In order to make its communication products more accessible to Canadians, FCAC has chosen to present its 2008-2009 Annual Report in a more condensed format. If you would like to view a copy of the Annual Report, or to reach us, visit the Agency's website at fcac-acfc.gc.ca.

About FCAC

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.

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