OTTAWA, October 7, 2010 —The Financial Consumer Agency of Canada (FCAC) has released its annual report, in which it outlines its achievements and efforts in promoting education and compliance throughout 2009‑2010.
Financial literacy among Canadians has remained a top priority for FCAC over the past year. “Consumers need to have a solid understanding not only of how to manage their own personal finances, but also of financial institutions' obligations toward them, so that they can make smart financial decisions,” notes Ursula Menke, FCAC Commissioner. In fact, the Agency's two mandates of education and compliance work together to empower consumers when it comes time to deal with their financial institutions. “I am proud of our role and pleased to highlight some of the Agency's more significant achievements from the past year,” she added.
FCAC continues to work on multiple fronts to promote financial literacy. Financial aptitude has never been more vital, and last year's economic turmoil caused many Canadians to experience financial anxiety. FCAC responded by providing consumers with resources to improve their financial knowledge and continued to promote consumer–centred compliance on the part of federally regulated financial institutions.
With educational materials and interactive tools, FCAC provides objective information about financial products and services and informs consumers about their rights and responsibilities when dealing with banks and federally regulated trust, loan and insurance companies. Through its financial literacy program, FCAC helps Canadians increase their financial knowledge and confidence in managing their personal finances. FCAC also makes sure that federally regulated financial institutions and payment card network operators comply with legislation and agreements intended to protect consumers.
You can reach us through the FCAC Consumer Contact Centre by calling toll-free 1-866-461-3222 (TTY: 613-947-7771 or 1-866-914-6097) or by visiting our website: fcac.gc.ca.
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Media Relations Officer