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.