Financial Consumer Agency of Canada

Financial Consumer Agency of Canada

June 14, 2007 10:56 ET

FCAC Releases Easy-to-Use Tip Sheets on Financial Products and Services

OTTAWA, ONTARIO--(Marketwire - June 14, 2007) - Today, the Financial Consumer Agency of Canada (FCAC) released a series of financial "tip sheets" that give Canadians a quick and easy way to understand the basic facts about 15 financial products and services.

"We all know that finding information on financial products and services _ and understanding it _ can sometimes be difficult," said FCAC's Acting Commissioner, Jim Callon. "FCAC's new series of tip sheets offers a practical solution to help consumers grasp the essentials related to a particular financial product, service or issue. The tip sheets provide a clear, simple summary of important financial topics."

"Knowing the right questions to ask while you explore your options and shop around for financial products and services is not always easy. Our tip sheets provide consumers with a number of crucial questions they can ask financial institutions when they are looking for information," added Callon.

Busy people, youth, new Canadians and anyone else who would like to have a short, basic introduction to financial matters will find that FCAC's first 15 tip sheets cover a wide range of subjects, including the following:

- personal bank accounts and low-cost accounts

- bank branch closures

- credit cards

- credit card, debit card and identity fraud

- lines of credit

- pre-paid cards

- payday loans

- collection agencies

- making a complaint

- Registered Education Savings Plans (RESPs)

- mortgages and reverse mortgages.

The tip sheets also guide readers to relevant FCAC publications if they want to learn more about a particular financial product or issue. "Our tip sheets give consumers the basics, but we hope they won't stop there," said Acting Commissioner Callon. "If they want to learn more, FCAC is there for consumers, with a wealth of straightforward, unbiased information to help them make sense of the financial marketplace."

FCAC will add new tip sheets on a regular basis. "Based on the thousands of contacts the Agency receives from Canadians every year, FCAC has a good grasp of the issues facing financial consumers," added Callon. "We also invite consumers to suggest topics of interest that could be included in the series, by calling our Consumer Contact Centre or contacting us through our Web site."

The tip sheets are the latest product from FCAC that promotes financial literacy. Since 2001, the Agency has been giving Canadians the tools and information they need to enhance their financial knowledge and skills and their ability to make sound financial decisions.

FCAC's tip sheets and other useful publications are available on its Web site at www.fcac.gc.ca, or through the Agency's new Web portal, moneytools.ca. Consumers can obtain print copies, free of charge, by calling the Agency's Consumer Contact Centre, toll-free, at: 1-866-461-3222.

FCAC ensures compliance with the consumer protection laws and monitors compliance with 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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