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What is the mandate of the new Financial Consumer Agency of Canada?

What is the mandate of the new Financial Consumer Agency of Canada?

The FCAC is an independent agency charged with overseeing consumer protection measures in federal legislation that regulates financial institutions and with undertaking consumer education activities. The FCAC supervises Canada’s federally regulated institutions to ensure that they comply with the consumer provisions applicable to them, monitors the implementation of voluntary codes of conduct adopted by these institutions and promotes consumer awareness of obligations of financial institutions under consumer provisions. The FCAC was established under Bill 8, the Financial Consumer Agency of Canada Act, which was enacted on October 24, 2001. The Agency is headed by Commissioner Knight, whose five-year appointment went into effect on November 1, 2002. For additional information please see the background information at the FCAC web site at www.fcac-acfc.gc.ca.