Financial Consumer Agency of Canada

Financial Consumer Agency of Canada

October 08, 2014 09:30 ET

Protecting Canadian Financial Consumers and Strengthening Their Financial Skills: FCAC Publishes its 2013-14 Annual Report

Consumer protection and financial education have become more vital than ever to the financial well-being of consumers

OTTAWA, ONTARIO--(Marketwired - Oct. 8, 2014) - Financial Consumer Agency of Canada

Editors' Note: There is a photo associated with this press release.

Commissioner Lucie Tedesco today released the 2013-14 Annual Report of the Financial Consumer Agency of Canada (FCAC). The appointment of Canada's first-ever Financial Literacy Leader, the unveiling of a new Report on Plans and Priorities (Business Plan), an industry review of clear language practices, and timely research into emerging trends, including mobile payments, are just a few highlights that show how the Agency fulfilled its mandate of consumer protection and financial education in 2013-14.

In an interactive PDF format, the report contains an infographic that outlines its highlights and links to relevant Web content and videos.

Quick facts

FCAC's achievements in 2013-14 include the following:

  • A new Report on Plans and Priorities (Business Plan) was released, delineating six key strategic priorities that will drive the Agency's efforts over the next three years.

  • Jane Rooney was appointed Canada's first-ever Financial Literacy Leader, with the mandate to collaborate and coordinate activities with stakeholders from the public, private and non-profit sectors to strengthen Canadians' financial literacy.

  • The Agency performed an industry review of clear language practices and found that several financial institutions had developed adequate, clear consumer disclosure policies and procedures, but many institutions had not. FCAC worked with the institutions concerned to address all deficiencies.

  • Financial Literacy Month 2013 was the most successful yet in terms of reach and impact, with 91 organizations holding 443 events throughout November. This is a 68 percent increase from November 2012.

  • 1.3 million FCAC publications were accessed by and distributed to Canadians, website visits hit the 1.5 million mark and more than 10,000 inquiries were received by the Agency.

  • Innovative consumer-focused tools and resources were launched, including the Financial Goal Calculator and a number of additions to the Life events series: Living in retirement, Losing your job and Getting separated or divorced.

  • FCAC published a research study that examined the extent to which financial consumers in Canada are protected when making mobile payments and conducted an evaluation of the Agency's Financial Basics program.

  • FCAC reached 6,533 followers on Twitter and over 14 million users.

  • The Agency was mentioned in 1,609 Canadian publications and news sites, a 28 percent increase in mentions from 2012-13.

  • A new Web content management system was implemented to ensure that FCAC's website complies with the Government of Canada's Web standards and accessibility requirements.

Quote

"In today's digital, fast-changing marketplace, our work is more relevant than ever before. Canadians face increasingly complex financial decisions and risks, so we have seen a growing need for consumer protection and financial education-the two cornerstones of our mandate. This past year, our Agency continued to achieve strong results on both fronts. As it builds upon its experience, I believe that FCAC's greatest achievements still lie ahead."

Lucie Tedesco, Commissioner, Financial Consumer Agency of Canada

Associated links

- 2013-2014 Annual Report

- Report on Plans and Priorities (Business Plan) 2014-17

- Financial Goal Calculator

- Life event series

- Financial Literacy Leader

- Mobile Payments and Consumer Protection in Canada

- 2009 Canadian Financial Capability Survey

- Financial Literacy Month 2014

To view the photo associated with this press release, please visit the following link: http://media3.marketwire.com/docs/ARHighlights1314.png

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