Outreach Newsletter introduction:

FCAC celebrates its 10^th anniversary

Word from the FCAC Commissioner

The Financial Consumer Agency of Canada (FCAC) has been a remarkable success over the past few years. Our priority has always been to help consumers of financial products and services make better financial decisions by making objective, easy‑to‑understand information available to them. I am convinced that by doing this, we have helped increase financial literacy among Canadians, and we look forward to continuing this work.

Since its creation in 2001, the FCAC has fulfilled a dual mandate: educating consumers in the financial sector and ensuring that federally regulated financial institutions comply with the financial consumer protection provisions.

Over the years, the FCAC has developed products that meet consumers' needs for financial information. Today, the FCAC has over 60 interactive tools and online publications.

The Agency has also made great strides in the area of compliance. We have worked with organizations such as federally regulated financial institutions to provide consumers with information that is easier to understand and use.

I am very proud of all the members of my team, and I thank them for their dedication and spirited work. The Agency's accomplishments are not the result of any single initiative or group, but rather the collective efforts of all.

I would also like to acknowledge our many external partners and stakeholders. They help the FCAC with its initiatives by providing the needed reach and support at the grassroots level. Together, we are building a more financially literate Canada and contributing to a strong, health financial marketplace.

Regards,
Ursula Menke
FCAC Commissioner

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FCAC over the last 10 years

John Rossi, Director
Compliance and Enforcement Division

Since I joined the Agency five years ago, the Compliance and Enforcement Branch has shifted from a complaint-driven to a risk-based approach. Compliance officers primarily used to investigate complaints that came to us; now they manage compliance relationships with financial institutions. They can address compliance issues much more quickly and we can better effect behavioural changes with financial institutions. We have been more proactive in our supervision of financial institutions, which has helped ensure that financial consumers continue to be well-served.

One result is that FCAC has gained a higher profile within the financial industry, as well as among our federal and provincial regulatory partners. Our strengthened supervisory approach has also led to a larger mandate for the Agency, which is very positive. It has also led to a growing number of enquiries from other regulatory bodies in Canada and abroad about what we do and how we do it.

As we move forward with our risk-based supervisory model, we want to document what we do and our achievements in carrying out our work, and share them internationally with others who face the same challenges.

André-Marc Allain, Director
Marketing and Communications Division

FCAC is unusual among Canadian government agencies: we serve 33 million Canadians, because everyone is a financial consumer. At the same time, the Agency concentrates its energies on specific issues. We deliver what financial consumers need, such as our products on mortgages and debt management.

Rebranding helped position FCAC as the single point of entry to information for financial consumer issues. The Web renewal project has taken our website to the next level, using interactivity and accessibility that deliver the information financial consumers need.

Now, we leverage technology to meet financial consumers’ needs. We advertise on transit with QR codes, Web banners and search-engine optimization. Our social media presence has been a huge milestone for us.

Mobile communication is going to be huge. Consumers want information that’s easy to access and easy to use. We need to develop tools that will engage them and deliver information in the way they demand it.

I hope that in another five years, every Canadian will know us. Maybe that’s not realistic, but it’s a goal to strive for.

Jane Rooney, Director
Financial Literacy Program and Consumer Education Division

There have been a lot of changes in the Agency since I joined in January, 2002. The Consumer Education team began with the basics, such as financial consumers’ rights and responsibilities. Since then, we have broadened our scope to help consumers learn to budget, use credit wisely and manage their debts, among many other topics, through engaging programs, publications and interactive tools.

In the coming year, we will produce additional information on topics such as moving out on your own and retirement, and we will develop new interactive tools to show the impact of paying down debt.

I’m proud of FCAC’s accomplishments. Our latest financial literacy conference drew nearly 400 and raised awareness of the need for financial literacy. Last year, the Financial Literacy team received the Public Service Award of Excellence for Citizen-focused service delivery for The City, A Financial Life Skills Resource, our interactive financial literacy program for youth. We are acknowledged as leaders in international forums like the International Network of Financial Education and the Financial Consumer Protection Network.

While Canadians’ knowledge of finance is improving, according to the 2009 Canadian Financial Capability Survey, they aren’t necessarily getting better at making decisions.  I look forward to continuing to help bring Canadians the knowledge, skills and confidence to make responsible financial decisions.

Bruno Lévesque, Acting Director
Research Division

The Financial Consumer Agency of Canada (FCAC) recently set up the Research Division to research emerging trends and issues likely to have an impact on consumer protection policies with respect to financial products and services. The Research Division also supports FCAC consumer education and protection programs. The Research Division intends to play a proactive role in identifying and closely monitoring financial market trends and the impact on consumers.

Martin Pacheco, Director
Corporate and Administrative Services Division

Internal Services consists of FCAC's corporate services groups, which support the effective and efficient administration and delivery of our programs.

Corporate Services ensures that FCAC adopts and applies best practices to manage its programs and human resources, and that it implements the appropriate policies, procedures and reporting structure.

The Administrative Services Branch of the Financial Consumer Agency of Canada (FCAC) was expanded in 2007 to become the Corporate and Administrative Services Divisions. From its inception, the Agency has been guided by the management principle that it should concentrate on delivering the programs called for in its legislation. We use common and/or shared services to provide operational, financial and administration services, human resources services and audit services.

Last year, the Branch made the conversion to International Financial Reporting Standards from the Generally Accepted Accounting Principles. By using the shared services memorandum of understanding we have with the Office of Superintendent of Financial Institutions Canada (OSFI), we managed this huge undertaking at a very low cost to the Agency. Similarly, we are currently implementing, using the same principles, the Treasury Board mandated Policy on Internal Control.

Strategic management partnerships like that give the Agency the flexibility it needs to manage evolving programs as cost-effectively and efficiently as possible. We are well positioned to move forward as service sharing accelerates and spreads throughout government.

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Most memorable FCAC experiences

The best story within the Financial Literacy team is winning the Public Service Award of Excellence for youth programs.

Jeremie Ryan, Team Leader, Financial Literacy Program

Working at FCAC is a unique professional experience, given the organization’s small size.  I will remember FCAC as a place where I enjoyed the company of colleagues for whom I had immense appreciation, where less hierarchical working relations made communication easier and where I felt free to express my ideas.

Amélie Sirois, Communications Officer, 2009-2011