History of the Financial Consumer Agency of Canada
Since its establishment in 2001, FCAC has adapted to a rapidly changing financial landscape while remaining focused on improving consumer protection, strengthening financial literacy, and promoting positive outcomes for Canadians.
25 years of protecting financial consumers
2001
FCAC is established
The Financial Consumer Agency of Canada Act comes into force on October 24, 2001.
2005
Launch of FCAC’s interactive Credit Card Comparison Tool
Allows Canadians to compare credit cards quickly and easily online.
2007
Enhanced enforcement powers
Maximum penalties for financial institutions double to $200,000.
2010
Bank Act expands FCAC’s mandate
Now includes oversight of federal credit unions and protections for merchants accepting credit and debit card payments.
2011
Launch of Financial Literacy Month
Every November, FCAC and its partners promote financial literacy through education and outreach.
2014
Stronger protections for prepaid card users
Federal regulations strengthen prepaid payment product protections and oversight by FCAC.
2015
Launch of the first National Strategy for Financial Literacy
FCAC launches “Count Me In, Canada,” the first national strategy to strengthen the financial literacy of Canadians.
2018
Publication of Domestic Bank Retail Sales Practices Review
Identifies risks to consumers and helps shape new consumer protections under Canada's Financial Consumer Protection Framework.
2019
New protections for banking seniors
Banking industry adopts a Code of Conduct for the Delivery of Banking Services to Seniors, supervised by FCAC.
2020
FCAC's enforcement powers strengthened
Legislative amendments expand FCAC’s powers to order compliance, require consumer reimbursements or credits, impose higher penalties, and name non-compliant institutions.
2021
Renewal of the National Financial Literacy Strategy
FCAC launches “Make Change that Counts,” a renewed 5-year strategy focused on building Canadians’ financial resilience.
2022
A new Financial Consumer Protection Framework
Legislative changes give consumers new and enhanced protections in their dealings with banks.
2023
New expectations for mortgage relief measures
FCAC issues guidance requiring financial institutions to support consumers at risk of defaulting on their mortgage.
2024
Banking complaints system strengthened
The Ombudsman for Banking Services and Investments (OBSI) becomes Canada's single external banking complaints body, under FCAC oversight.
2025
New protections for banking consumers
Non-sufficient fund (NSF) fees for personal deposit accounts capped at $10 and banks commit to enhance free and low-cost bank accounts.