Canadian financial consumers are the driving force behind everything we do at FCAC. Since the Agency was created in 2001, we have ensured that their rights are respected and have helped build their financial knowledge.
|Fast facts about FCAC*|
|* as of March 31, 2011|
|Free education resources available to Canadians||58+|
We are an independent federal government body with a mandate to:
In 2010–11, the federal government expanded our mandate by giving FCAC new responsibilities:
Helping Canadians become better financial decision makers, while ensuring that their rights and interests are respected by the financial institutions with which they do business.
The Executive Branch includes the Commissioner, the Deputy Commissioner and support staff. It sets FCAC's strategy and priorities, provides leadership and direction, and determines compliance enforcement measures.
The Legal Services Unit consists of one senior counsel from the Department of Justice Canada, who provides legal research, advice and support.
The Compliance and Enforcement Branch is responsible for the Agency's compliance activities. These include monitoring and investigating compliance issues, undertaking annual and on-site examinations, performing industry reviews of specific compliance issues, and reporting on compliance matters to the Commissioner. In addition, the branch assists financial entities in their efforts to correct contraventions, and encourages them to develop policies and procedures to implement the consumer provisions, voluntary codes of conduct and public commitments that apply to them.
The Marketing and Communications Branch manages FCAC's outreach programs and public communications channels, including a consumer contact centre, a website and a correspondence unit. The branch manages the Agency's communications with the media, handles the design of publications and fosters an open exchange of information with the financial industry on issues of mutual concern.
The Consumer Education and Financial Literacy Branch develops educational materials and tools to help Canadians understand financial matters, and also to help them shop around for products and services that best suit their needs. The branch is responsible for developing educational programs that teach young Canadians how to enhance their financial skills.
The Research Branch was established in 2010–11. It proactively identifies, monitors and evaluates trends and emerging issues that might have an impact on financial consumers. The branch recommends action by FCAC and/or policy makers, as appropriate, to educate consumers, protect their rights and inform them about their responsibilities.
The Corporate Services Branch supports the Agency's activities by providing services and expertise in various areas, including corporate planning, financial management, risk management, security, information management and information technology (IM/IT), and program evaluation.
|Financial resources ($ millions)|
|Human resources Full-time equivalents|
Originally, FCAC planned 54 full-time equivalents (FTEs) and $11.8 million in financial resources for fiscal year 2010–11. With the recent expansion of our mandate, the number of planned FTEs for 2010–11 was increased to 59.6; for that reason and also to cover unforeseen parental leave expenditures, the planned financial resources were revised to $12.12 million.
This graph above compares actual and planned spending over the past three fiscal years. It includes funding of $2 million for FCAC's Financial Literacy program. In its February 2008 budget, the Government of Canada provided for the Agency to receive ongoing funding in that amount per fiscal year as continuous support for the program.
Overall expenditures were higher in 2009–10 than in 2008–09, mainly because of an increase in human resources and professional costs. In 2009–10, the increase in human resources costs included new positions, the filling of vacancies, and planned growth in employee compensation and performance-related pay (available to employees at all levels within the organization). The increase in professional costs was due mainly to additional marketing and communications activities undertaken in support of the Agency's goals and to the higher cost of services provided under memorandums of understanding with other federal organizations. The professional costs include the costs of the Agency's conversion to the International Financial Reporting Standards and higher human resources costs.
With respect to the increase in expenditures in 2010–11 compared to fiscal year 2009–10, it was mainly due to three key factors:
These increases in expenditures related to the three factors mentioned above were partly offset by a reduction in the use of professional services, primarily because in 2009–10 there was a larger number of marketing and communications activities and campaigns undertaken than in 2010–11.
For further information on FCAC's expenditures in 2010–11, please see the Financial Statements.
The diagram below illustrates FCAC's framework of program activities and sub-activities. This structure allows us to effectively pursue our mandate and strategic outcomes, while contributing to the Government of Canada's objective of fostering a fair and secure marketplace.