Role of FCAC's Commissioner
The Financial Consumer Agency of Canada (FCAC) is headed by a Commissioner who is appointed by the Government of Canada. The Commissioner is also the independent adjudicator of FCAC’s regulatory compliance proceedings.
Shereen Benzvy Miller is the current Commissioner of FCAC.
The Commissioner submits an annual business plan to the Minister of Finance for approval. The Commissioner also reports annually to Parliament, through the Minister of Finance, on FCAC’s activities and supervision of federally regulated financial entities, including banks, with their legislative obligations, codes of conduct and public commitments.
Regulatory authority of the Commissioner
The Commissioner has the authority to review, inquire, monitor and direct the compliance of regulated entities with their obligations. The Commissioner is assisted in the exercise of these duties by one or more deputy commissioners.
The Commissioner has the authority to decide whether a regulated entity has violated its obligations and whether to impose a monetary penalty of up to $10 million per violation. These decisions are made public and are based on allegations of violations against regulated entities made by FCAC employees as part of enforcement proceedings.
The activities and tools FCAC uses to fulfill its supervision mandate are outlined in its Supervision Framework.
Commissioner’s decisions reflect FCAC’s commitment to transparency in its supervision and enforcement work and help financial institutions understand their compliance obligations. They also help Canadians to better understand what they should expect in their dealings with financial institutions.
Information on the process for publishing Commissioner’s decisions is contained in the Guidelines for Adjudicative Process.