OTTAWA, ONTARIO--(Marketwire - Oct. 9, 2012) - The Financial Consumer Agency of Canada (FCAC) has released its 2011-2012 Annual Report-its 11th annual report since the Agency was created in 2001. Providing an overview of FCAC's activities and achievements over the 2011-2012 fiscal year, the report outlines the Agency's accomplishments in empowering Canadian financial consumers and promoting responsible financial market conduct.
"One of our priorities is to help Canadians make better financial decisions," said Ursula Menke, FCAC Commissioner. "In 2001, FCAC started with the basics: providing helpful brochures on banking services, credit cards and consumer rights as well as monitoring the federally regulated financial sector. Over the years, we've taken on much more, expanding our scope to help build Canadians' overall financial management skills and protecting consumers. In turn, the recognition of the importance of financial literacy has gained tremendous momentum in Canada and around the world, and it is gratifying to know that the Agency is acknowledged as a driving force in educating consumers on financial matters."
FCAC achieved solid success in 2011-2012
In 2011-2012, FCAC was able to support Canadian consumers by:
- regulating 380 institutions to ensure compliance with federal laws and industry commitments created to protect financial consumers and investigating 1,268 cases for potential breaches of legislation, regulations, codes of conduct or commitments
- overseeing the Code of Conduct for the Credit and Debit Card Industry in Canada, a new responsibility for the Agency
- keeping a pulse on consumer issues through the Agency's research projects on topics, such as Canadians' knowledge level of their rights and responsibilities as financial consumers, and the impact of FCAC's key education products on Canadians
- coordinating Canada's first-ever Financial Literacy Month in November 2011-72 organizations from the public, private and voluntary sectors presented 185 registered activities aimed at raising financial literacy awareness and strengthening Canadians' money savvy
- introducing an educational series on key life events, ranging from paying for post-secondary education, to living as a couple, to planning your retirement
- stepping into the social media sphere-in just under a year, FCAC reached 1,400 Twitter followers and over 450,000 users, and FCAC's YouTube channel videos were viewed more than 3,200 times.
The 2011-2012 Annual Report was designed to be more dynamic and reader-friendly. Its highlights, including a timeline of FCAC's first ten years, a message from FCAC's Commissioner, an infographic of the year in numbers, a few short videos that FCAC produced and the Agency's performance summaries and financial statements, can be viewed at itpaystoknow.gc.ca.
With educational materials and interactive tools, the Financial Consumer Agency of Canada (FCAC) 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 FCAC's Consumer Services Centre by calling toll-free 1-866-461-3222 (TTY: 613-947-7771 or 1-866-914-6097) or by visiting our website: itpaystoknow.gc.ca.
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