Financial Consumer Agency of Canada / Seneca College Centre for Financial Services

September 09, 2005 10:00 ET

FCAC, SENECA COLLEGE ANNOUNCE PROJECT PARTNERSHIP

Research to identify training and professional development needs in consumer-protection compliance administration for banks Attention: Assignment Editor, Business/Financial Editor, News Editor, Government/Political Affairs Editor OTTAWA, CANADA--(CCNMatthews - Sept. 9, 2005) - The Financial Consumer Agency of Canada (FCAC) and the Centre for Financial Services (CFS) of Seneca College today announced their collaboration on a unique applied research project.

The project will include the creation of a curriculum and course materials to enhance educational opportunities for staff of financial institutions and financial regulators.

"Part of FCAC's mandate is to make sure that federally regulated financial institutions are respecting the consumer provisions in legislation as well as their own public commitments and codes of conduct," said' FCAC Commissioner Bill Knight. "By developing training tools that can help employees in the financial sector enhance their market conduct and compliance skill-set, this project will contribute to FCAC's goal of making the compliance culture that exists in the Canadian financial marketplace stronger."

"This project will augment the knowledge base and skills of personnel working in the compliance field who deal with market conduct," said Gary Butler, Director of the Centre for Financial Services of Seneca College, "The toolbox of compliance administration skills that we expect to compile and the teaching materials that will be based on it should reinforce consumer protection in Canada's financial services sector."

The four-phase research project, which began on July 31, 2005, will run until March 31,2006. The project will examine the current qualifications, knowledge base and skills ofcompliance personnel and determine what kind of training and professional development can enhance a compliance officer's ability to proactively identify non-compliance risks and issues, thus contributing to the protection of consumers and reducing reputational risks. The resulting course materials will be suitable for the training of individuals working in the compliance area of the financial sector.

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

Seneca College is the largest college in Canada. Seneca offers a tremendous variety of class sizes and methods of teaching - from in-class lectures and online learning to co-op placements. Seneca's strong international reputation has attracted the attention of educators worldwide, resulting in agreements to utilize Seneca curricula in classrooms through Europe, Pacific Asia, and Latin America. Seneca's students experience challenging and innovative diploma, post diploma and bachelor's degree programs geared to more than 260 real world careers in applied arts, business and technology. The Seneca College Centre for Financial Services (CFS) is committed to developing industry leadership and global career opportunities through quality education integrated with the newest technology. CFS works with key financial services partners to anticipate industry direction and fulfill its changing needs. /For further information: Media contact, FCAC:

John Kane
Communications Officer
613-941-8988
kane.john@fcac.gc.ca

Media contacts, Seneca College:

Gary Butler
Director
Centre for Financial Services (CFS)
416-491-5050 ext 2600

Samky Mak
Professor
Centre for Financial Services (CFS)
416-491-5050 ext.6872 / IN: EDUCATION, FINANCE

Contact Information