Financial Consumer Agency of Canada

Financial Consumer Agency of Canada

October 11, 2007 10:08 ET

Financial Consumer Agency of Canada Releases Results of First Stakeholder and Partner Survey

Respondents pleased with Agency's work on behalf of Canadians

OTTAWA, ONTARIO--(Marketwire - Oct. 11, 2007) - The Financial Consumer Agency of Canada (FCAC) today released results of its first Stakeholder and Partner Survey. The Agency earned high marks from survey respondents - both the financial institutions it regulates and the consumer organizations it works with to provide information to Canadians in the financial marketplace. Respondents also identified areas in which they think the Agency could do better.

"FCAC constantly seeks ways to enhance its performance in carrying out its mandate to inform and protect consumers," said FCAC's Acting Commissioner Jim Callon. "The results of this survey provide additional input into ways we can improve our work with our stakeholders and partners."

Respondents found the Agency to be a credible and independent information resource.

They singled out FCAC's Web site and publications as useful and relevant information sources. They welcomed the Agency's use of plain language and its efforts to raise consumer awareness and understanding. They expressed approval of the Agency's collaborative approach to developing consumer education materials.

The survey also helped identify areas for improvement. Stakeholders commented that they would like the Agency to have a higher public profile. They also suggested that further improvements in FCAC's communication with the financial services industry might lead to a better understanding of compliance issues.

"FCAC values its relationship with its stakeholders and I thank them for taking the time to provide us with constructive feedback," said Acting Commissioner Callon. "The information we have gathered in the survey will help us keep working effectively with our stakeholders and meeting the needs of Canadian consumers."

FCAC key stakeholders include members of the financial industry, consumer groups, government agencies and non-governmental organizations. For a copy of the Stakeholder and Partner Survey, visit FCAC's Web site:

FCAC's Web site offers a wealth of information designed to help consumers find their way in the financial marketplace, as well as compliance news and information for institutions.

FCAC ensures compliance with the consumer protection laws, and monitors the codes of conduct and public commitments that apply to banks and federally incorporated trust, loan and insurance companies. FCAC also provides consumers with accurate, objective information about financial products and services, and informs Canadians of their rights and responsibilities when dealing with federally regulated financial institutions.

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