Appearance before the Standing Committee on Finance (July 7, 2020): Policy options working group

Issue

In response to the COVID-19 pandemic, FCAC contributed to the Government of Canada’s policy response in a coordinated, coherent and timely manner. In March 2020, FCAC formed a cross-functional policy options working group. The group’s purpose was to identify challenges and gaps facing financial consumers, and to recommend potential policy responses aligned with FCAC’s mandate. 

Background

The cross-functional policy options working group included members from FCAC’s supervision, research, policy and education divisions. The group communicated with officials from the Department of Finance on a regular basis.

The working group’s efforts complemented supervisory staff's engagements with the financial industry to gather intelligence on operational impacts and challenges faced by bank clients.    

Data/Quick facts

The working group’s activities and outputs include: 

• monitoring and reporting on issues and challenges facing financial consumers through insights provided by 18 Financial Literacy networks across Canada
• conducting research through surveys on the impacts on financial well-being and banking behaviours, including the use of financial relief measures
• exploring options to refer Canadians to supports from public, private and non-profit sources

Key messages

• The policy options working group demonstrates how FCAC contributes to the Government of Canada’s response to COVID-19.
• FCAC applies a consumer lens to policy issues. 
• The Agency complements the efforts of other financial regulators through insights from original research and intelligence from a vast network of stakeholders working directly with Canadians.