The Financial Consumer Agency of Canada (FCAC) is headed by a Commissioner, who is appointed by the Government of Canada for a period of up to five years. The Commissioner reports annually to Parliament, through the Minister of Finance, on the Agency's activities and on the performance of financial institutions in complying with consumer protection measures.
Lucie Tedesco is Commissioner of FCAC.
Powers of the Commissioner
The responsibilities of FCAC's Commissioner include:
- promoting consumer awareness
- monitoring financial institutions to ensure they comply with their legislated consumer obligations
- monitoring the financial institutions to ensure that they follow their own voluntary codes of conduct and respect the public commitments they have made to protect consumers
- reporting to the Minister of Finance on the Agency's activities and findings
- examining all matters related to the Financial Consumer Agency of Canada Act and other consumer provisions that apply to federally regulated financial institutions.
The Commissioner has the power to issue a Notice of Violation if a financial institution doesn't comply with its legislated consumer obligations. The Commissioner can make public the nature of the violation and decide whether a monetary penalty of up to $500,000 will be applied.
For an overview of the decisions the Commissioner has made, visit our Commissioner's Decisions section.
The Deputy Commissioner serves as the Executive Director of the Agency and the senior policy advisor to the Commissioner. The Deputy Commissioner is responsible for all aspects of the administration of the Agency and performs a role similar to that of a Chief Operations, Financial and Administrative Officer of the organization.
Brigitte Goulard is Deputy Commissioner of FCAC.
Financial Literacy Leader
The Financial Literacy Leader’s mandate is to collaborate and coordinate activities with stakeholders to contribute to and support initiatives that strengthen the financial literacy of Canadians. The position of Financial Literacy Leader was established through the Financial Literacy Leader Act in March 2013, implementing the top recommendation of the Task Force on Financial Literacy.
Jane Rooney is Canada's first Financial Literary Leader.