Financial Consumer Agency of Canada publishes 2016-2017 Annual R - Erie News Now | WICU & WSEE in Erie, PA

Financial Consumer Agency of Canada publishes 2016-2017 Annual Report

Information contained on this page is provided by an independent third-party content provider. Frankly and this Site make no warranties or representations in connection therewith. If you are affiliated with this page and would like it removed please contact pressreleases@franklyinc.com

SOURCE Financial Consumer Agency of Canada

OTTAWA, Oct. 6, 2017 /CNW/ - The Financial Consumer Agency of Canada (FCAC) has published its 2016-2017 Annual Report: Protect – Inform – Collaborate. The report shows how FCAC protected financial consumers and strengthened their financial literacy in delivering on the commitments in its 2016-2017 Business Plan.

Through the Agency's supervision work, financial institutions reimbursed $10.5 million to 1.2 million consumer accounts to make up for inaccurate disclosure of fees or interest rate calculations, or situations in which accounts were charged incorrectly. Under its supervision mandate, the Agency also developed a new Supervision Framework, enhancing its capacity to prevent breaches of market conduct obligations. FCAC launched an industry review to identify and analyze the impact of bank sales practices on consumers and on financial consumer protection more broadly. At the request of the Minister of Finance it reviewed best practices in financial consumer protection across Canada. This work will inform new proposals to improve protection for financial consumers.

The impact of FCAC's National Strategy for Financial Literacy - Count me in, Canada was underlined in an international survey measuring the financial literacy levels of adults, where Canada ranked third out of 29 countries. The Commissioner named a new National Steering Committee on Financial Literacy whose members are leading more than 113 initiatives to improve Canadians' financial literacy and extending FCAC's capacity to communicate with consumers. In November 2016, FCAC coordinated the sixth annual Financial Literacy Month, which included 1,214 events and activities hosted by organizations across Canada. The new, 2016–18 National Research Plan for Financial Literacy will generate empirical evidence contributing to the successful ongoing implementation of the national strategy.

FCAC's total expenses for the fiscal year were $17.6 million. FCAC recovered $13.6 million in operating costs for supervision and promotion, consumer education programs and internal services from the financial entities it oversees. In addition, the Agency recovered $4 million in costs for financial literacy through Government of Canada appropriations.

Quick facts

In 2016-2017, FCAC:

  • supervised 353 federally regulated financial entities
  • had 85 full-time employees
  • expanded the Canadian Financial Literacy Database to feature 1,371 resources
  • published survey findings that consumers' awareness of their financial rights and responsibilities has remained stable compared to 2011 research
  • published a research report, Payday Loans: Market Trends, that found consumers are often unaware of the high costs of payday loans
  • hosted a National Research Symposium on Financial Literacy in Moncton, New Brunswick
  • was mentioned 2,928 times in print, television, radio and online news media sites
  • answered 10,177 calls and written correspondence through its Consumer Services Centre and received 4,528 direct consumer complaints
  • had 15,074 Twitter followers

Quotes

"As FCAC passed its fifteenth anniversary in 2016-2017, I was struck by how the pace of change in the financial sector has accelerated. I am proud of the Agency's accomplishments in safeguarding the financial well-being of Canadians while we seized new opportunities that arose during a challenging year."

Lucie Tedesco, Commissioner, Financial Consumer Agency of Canada

Associated Links

Visit FCAC on Canada.ca
Follow @FCACan on Twitter
Subscribe to FCACan on YouTube
Like Financial Consumer Agency of Canada (FCAC) on Facebook

 

©2017 PR Newswire. All Rights Reserved.

Powered by Frankly
3514 State St. Erie, PA 16508
Newsroom: (814) 454-8812
Business offices: (814) 454-5201
WICU FCC Filing
WSEE FCC Filing
Share:
Share Stories
Submit your stories to our site!
Share Photos
Share your photos in our community galleries
RSS Feeds
All content © Copyright 2000 - 2017 WICU. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.
                   WICU/WSEE - 3514 State Street Erie, PA 16508 - (814) 454-5201 - info@wicu12.com