Financial Consumer Agency of Canada

Financial Consumer Agency of Canada

October 29, 2013 09:00 ET

Helping Canadians Make Better Financial Decisions: FCAC Publishes 2012-2013 Annual Report

OTTAWA, ONTARIO--(Marketwired - Oct. 29, 2013) - A new, comprehensive financial education program, revamped resources, new research projects and a successful nationwide education initiative that involved community groups across Canada are just a few highlights of the Financial Consumer Agency of Canada's (FCAC) 2012-2013 Annual Report.

The Annual Report shows how the Agency has fulfilled its dual mandate of supervising federally regulated financial entities and educating financial consumers with innovative and valuable programs.

"More than ever, it is crucial that Canadians develop the knowledge, skills and confidence in managing their money, exploring the financial marketplace and in dealing with providers of financial services," said Commissioner Lucie Tedesco. "FCAC has played a key role in contributing to the Government of Canada's objective of fostering a fair and secure marketplace."

Lucie Tedesco, previously the Deputy Commissioner of FCAC, was appointed Commissioner on September 3, 2013. She thanked the Agency's second Commissioner, Ursula Menke, for her many contributions to FCAC's accomplishments over the past five and a half years.

Among FCAC's achievements in 2012-2013:

  • The Agency's Compliance and Enforcement Branch investigated more than 1,500 cases of actual or potential violations of federal regulations, legislation and public codes of conduct and imposed $275,000 in penalties against violators.

  • FCAC developed the Application Guide for External Complaint Bodies to support new federal regulations.

  • The Commissioner issued guidance on certain elements of the Code of Conduct for the Credit and Debit Card Industry in Canada that apply to payment card network operators around increased disclosure in sales and business practices and cancellation of contracts.

  • Following two years of development and consultation with subject matter experts, FCAC released Your Financial Toolkit, a complete financial education resource for adult learners. Available online, it covers budgeting, saving, taxes and financial planning.

  • FCAC led 57 organizations in Financial Literacy Month through November 2012, which offered 265 financial education workshops, conferences and other activities, plus a video contest for youth.

  • The Agency published two new Life Events for parents and students; new tip sheets, publications and Web content to guide financial consumers.

  • FCAC updated its most popular publication, Understanding Your Credit Report and Credit Score, as well as the Tax-Free Savings Accounts tip sheet and the guide on Credit Card Balance Insurance.

  • The Research Division launched a number of research projects, including an examination of mobile payments, bank fees and the impact of financial education on Canadians' behaviour and attitudes toward money matters.

FCAC's material is in demand and well received: in 2012-2013 it distributed over 1.5 million publications in electronic and print form, drew 18,500 views to its YouTube channels, attracted over 3,600 followers on Twitter, reaching over 8 million users in the past two years; traffic on FCAC's website grew 109 percent over the previous year, to 1.3 million Web visits, or over 3,600 per day. The Agency answered over 12,000 inquiries and complaints by telephone, email and letters.

The 2012-2013 Annual Report is available online, incorporating a number of interactive features to make it dynamic and reader-friendly. The full report can be seen at its website, itpaystoknow.gc.ca.

About FCAC

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.

Follow @FCACan on Twitter

Like Financial Consumer Agency of Canada (FCAC) on Facebook

Like Financial Literacy Month in Canada on Facebook.

Subscribe to FCACan on YouTube

Follow Financial Consumer Agency of Canada on LinkedIn

Join the Financial Literacy in Canada group on LinkedIn.

Disponible en français

Contact Information