Financial Consumer Agency of Canada

Financial Consumer Agency of Canada

The Financial Consumer Agency of Canada (FCAC) is an independent government agency of the Government of Canada.

Created in 2001, the agency works to protect and inform consumers in the area of financial services. FCAC provides consumer information and oversees financial institutions to ensure that they comply with federal consumer protection measures. FCAC is headed by a Commissioner, appointed for a five-year term. The first commissioner (2001-2006) was William G. Knight, a former credit union executive and New Democratic Party Member of Parliament from Saskatchewan. The current commissioner is Ursula Menke.

Under its enforcement mandate, the agency investigates cases of non-compliance with consumer protection measures as set out in Canadian legislation. FCAC identifies potential cases using consumer complaints handled through its toll-free contact line, as well as through the inquiries and investigations of its officers. The agency's commissioner can impose a variety of penalties on institutions found to be in violation of consumer measures, including monetary penalties and public naming of the institution. [ [ "Our role and mandate"] ,]

FCAC's commissioner reports to Parliament annually with his assessment of federally regulated institutions' compliance with legislation.

Under its consumer education mandate, FCAC publishes a number of guides on financial consumer issues available through its website, along with interactive tools that help consumers find credit cards and banking packages that suit their needs.

The agency rolled out a new consumer website, [] , in March 2007.


External links

* [ Official Website]

Wikimedia Foundation. 2010.

Look at other dictionaries:

  • Consumer protection — laws designed to ensure fair trade competition and the free flow of truthful information in the marketplace. The laws are designed to prevent businesses that engage in fraud or specified unfair practices from gaining an advantage over competitors …   Wikipedia

  • cañada — /keuhn yah deuh, yad euh/, n. Chiefly Western U.S. 1. a dry riverbed. 2. a small, deep canyon. [1840 50; < Sp, equiv. to cañ(a) CANE + ada n. suffix] * * * Canada Introduction Canada Background: A land of vast distances and rich natural resources …   Universalium

  • Canada — /kan euh deuh/, n. a nation in N North America: a member of the Commonwealth of Nations. 29,123,194; 3,690,410 sq. mi. (9,558,160 sq. km). Cap.: Ottawa. * * * Canada Introduction Canada Background: A land of vast distances and rich natural… …   Universalium

  • Financial adviser — Personal finance Credit and debt Pawnbroker Student loan Employment contract Salary Wage Em …   Wikipedia

  • Consumer debt — Finance Financial markets Bond market …   Wikipedia

  • Consumer Affairs — ▪ 1995       The signing of the General Agreement on Tariffs and Trade on April 15, 1994, was one of the year s most significant events for consumers everywhere. In theory, consumers stood to benefit from freer trade, in the form of more products …   Universalium

  • White Label ABMs in Canada — provide alternative source of cash dispensing vis à vis traditional automatic banking machines (ABMs) from banks.BackgroundIn Canada, the major financial institutions have their own branded ABMs located throughout the country. These ABMs… …   Wikipedia

  • Agence de la consommation en matière financière du Canada — Création 2001 Type Agence du Gouvernement du Canada Siège Ottawa, Ontario Budget 10.7 millions $ (CAN) par année Effectifs 54 Commissaire Ursula Menke Site Web …   Wikipédia en Français

  • Health Canada — Departments of the Government of Canada Health Santé Canada …   Wikipedia

  • Energy policy of Canada — Canada is the 5th largest producer of energy in the world, producing about 6% of global energy supplies. It is the world s largest producer of natural uranium, producing one third of global supply, and is also the world s leading producer of… …   Wikipedia