Standing Senate Committee on Banking, Commerce and the Economy (BANC) (May 30, 2014)
About FCAC
About FCAC
Our raison d’être
The Financial Consumer Agency of Canada (FCAC) was established in 2001 to protect the rights and interests of consumers of financial products and services.
Our mandate
FCAC is a federal government agency that derives its mandate from the Financial Consumer Agency of Canada Act.
Our vision
To be a leader and innovator in financial consumer protection
Our mission
- To protect consumers of financial products and services
- To supervise regulated entities
- To educate Canadians and strengthen their financial literacy
Qs & As on FCAC’s funding
How is FCAC funded?
- FCAC is a federal government agency that operates largely on a cost recovery basis. It recovers its costs mainly through assessments against the regulated entities it supervises.
- In addition to revenues from these assessments, FCAC receives an annual statutory authority of a maximum of $5 million to support the financial literacy of Canadians.
Why does FCAC operate on a cost recovery basis and charges regulated entities an annual fee?
- FCAC’s assessments place the burden of paying for financial sector regulation on the financial industry directly rather than on taxpayers.