Financial Consumer Agency of Canada

Financial Consumer Agency of Canada

October 11, 2011 10:16 ET

Empowering Consumers Through Partnerships

FCAC Releases its Annual Report 2010-2011

OTTAWA, ONTARIO--(Marketwire - Oct. 11, 2011) - The Financial Consumer Agency of Canada (FCAC) has released its 2010-2011 Annual Report, which, for the first time, will be available online only, out of concern for the environment.

In fiscal 2010-2011, FCAC carried out a number of activities to continue promoting education and compliance. Among other things, FCAC:

  • expanded its financial literacy program to reach more Canadians: a financial literacy workshop intended for young adults, was added to the flagship financial literacy initiative, The City.

  • established a new research function to deepen its ability to address emerging consumer issues and trends. This new function will enable FCAC to better adapt its financial education initiatives to the needs of Canadians and provide the federal government with more valuable intelligence more quickly.

  • implemented a stronger compliance framework to assess compliance risks of regulated entities. In future, this platform will be integral to FCAC's monitoring work.

  • renewed its website, making it more interactive, accessible and user-friendly. The restructured site presents financial information based on main life stages. It's now easier and faster to find the information needed to make informed financial decisions.

In an effort to reach out to even more Canadians, FCAC worked with its partners to develop, deliver and promote its programs in diverse communities from coast to coast to coast. "One of the most exciting examples of this partnership approach is FCAC's new Financial Basics workshop for young adults," says FCAC Commissioner, Ursula Menke.

To create this workshop, FCAC teamed up with the Investor Education Fund of Ontario, and worked in collaboration with financial author and journalist Ellen Roseman. To deliver the workshop, the Agency worked with various organizations, including the Association of Canadian Community Colleges, which facilitated presentation of the workshop at ten colleges across the country during 2010-2011.

In 2010-2011, FCAC also launched a public awareness campaign to assist first-time home buyers and owners about to renew their mortgages. The campaign featured ads in public transit that drew attention to FCAC's suite of mortgage resources. The Agency also teamed up with members of the real estate industry to prepare financial information further targeting these Canadians.

As a leader in financial literacy, FCAC intends to continue playing a key role for Canadians by conducting activities and initiatives that will help them acquire the knowledge, skills and confidence they need to make informed financial decisions. "Building on the groundwork we have laid, we will find other ways to help all Canadians get the financial information they need, when they need it," concluded Ms Menke.

To consult the Annual Report, or to get in touch with us, go to the Agency's website at fcac.gc.ca.

About FCAC

With educational materials and interactive tools, the Financial Consumer Agency of Canada provides objective information about financial products and services to help Canadians increase their financial knowledge and confidence in managing their personal finances. FCAC informs consumers about their rights and responsibilities when dealing with banks and federally regulated trust, loan and insurance companies. FCAC also makes sure that federally regulated financial institutions, payment card network operators and external complaints bodies comply with legislation and industry commitments intended to protect consumers.

You can reach us through the FCAC Consumer Services Centre by calling toll-free 1-866-461-2232 (TTY: 613-947-7771 or 1-866-914-6097) or by visiting our website: fcac.gc.ca.

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