SHORT TITLE

Marginal note:Short title

1. This Act may be cited as the Financial Consumer Agency of Canada Act.

INTERPRETATION

Marginal note:Definitions

2. The following definitions apply in this section and in sections 3 to 34.

“Agency”

« Agence »

“Agency” means the Financial Consumer Agency of Canada established under section 3.

“bank holding company”

« société de portefeuille bancaire »

“bank holding company” means a bank holding company as defined in section 2 of the Bank Act;

“Commissioner”

« commissaire »

“Commissioner” means the Commissioner of the Agency appointed under section 4.

“consumer provision”

« disposition visant les consomma­teurs »

“consumer provision” means

• (a) paragraphs 157(2)(e) and (f), sections 413.1, 439.1 to 459.5, subsections 540(2) and (3) and 545(4) and (5), paragraphs 545(6)(b) and (c) and sections 559 to 576.2 of the Bank Act together with any regulations made under or for the purposes of those provisions;

• (b) paragraphs 167(2)(f) and (g) and sections 385.05 to 385.28 of the Cooperative Credit Associations Act together with any regulations made under or for the purposes of those provisions;

• (c) paragraphs 165(2)(f) and (g) and sections 479 to 489.2 and 598 to 607.1 of the Insurance Companies Act together with any regulations made under or for the purposes of those provisions;

• (d) paragraphs 161(2)(e) and (f) and sections 425.1 to 444.3 of the Trust and Loan Companies Act together with any regulations made under or for the purposes of those provisions; and

• (e) the provisions referred to in paragraph 17(1)(f.1) of the Green Shield Canada Act as they apply to Green Shield Canada in accordance with section 17 of that Act together with any regulations made under or for the purposes of those provisions.

“Deputy Commissioner”

« commissaire adjoint »

“Deputy Commissioner” means a Deputy Commissioner appointed under section 8.

“financial institution”

« institution financière »

“financial institution” means

• (a) a bank as defined in section 2 of the Bank Act;

• (b) an authorized foreign bank as defined in section 2 of the Bank Act;

• (c) a company to which the Trust and Loan Companies Act applies;

• (d) a retail association as defined in section 2 of the Cooperative Credit Associations Act;

• (e) a company or foreign company to which the Insurance Companies Act applies; and

• (f) Green Shield Canada.

“governing statute”

« loi d’application »

“governing statute” means

• (a) in relation to a bank or authorized foreign bank as defined in the Bank Act, that Act;

• (b) in relation to a retail association to which the Cooperative Credit Associations Act applies, that Act;

• (c) in relation to a company or foreign company to which the Insurance Companies Act applies, that Act;

• (d) in relation to a company to which the Trust and Loan Companies Act applies, that Act; and

• (e) in relation to Green Shield Canada, the Green Shield Canada Act.

“prescribed”

Version anglaise seulement

“prescribed” means prescribed by regulation.

“insurance holding company”

« société de portefeuille d’assurances »

“insurance holding company” means an insurance holding company as defined in subsection 2(1) of the Insurance Companies Act.

“Minister”

« ministre »

“Minister” means the Minister of Finance.

“penalty”

« pénalité »

“penalty” means an administrative monetary penalty.

ESTABLISHMENT OF AGENCY

Marginal note:Establishment

• 3. (1) There is hereby established an agency of the Government of Canada called the Financial Consumer Agency of Canada over which the Minister shall preside and for which the Minister shall be responsible.

• Marginal note:Objects

  (2) The objects of the Agency are to

  • (a) supervise financial institutions to determine whether they are in compliance with the consumer provisions applicable to them;

  • (b) promote the adoption by financial institutions of policies and procedures designed to implement consumer provisions applicable to them;

  • (c) monitor the implementation of voluntary codes of conduct that are designed to protect the interests of customers of financial institutions, that have been adopted by financial institutions and that are publicly available and to monitor any public commitments made by financial institutions that are designed to protect the interests of their customers;

  • (d) promote consumer awareness about the obligations of financial institutions under consumer provisions applicable to them; and

  • (e) foster, in co-operation with any department, agency or agent corporation of the Government of Canada or of a province, financial institutions and consumer and other organizations, an understanding of financial services and issues relating to financial services.

COMMISSIONER OF AGENCY

Marginal note:Appointment of Commissioner

• 4. (1) The Governor in Council shall appoint an officer to be called the Commissioner of the Financial Consumer Agency of Canada. The Commissioner has the rank and all the powers of a deputy head of a department.

• Marginal note:Tenure of office and removal

  (2) The Commissioner holds office during good behaviour for a term of not more than five years, but may be removed for cause by the Governor in Council.

• Marginal note:Further terms

  (3) The Commissioner, on the expiration of any term of office, is eligible to be re-appointed for a further term of office.

• Marginal note:Absence or incapacity

  (4) In the event of the absence or incapacity of the Commissioner, or if the office of Commissioner is vacant, the Minister may appoint a qualified person to exercise the powers and perform the duties and functions of the Commissioner, but no person may be so appointed for a term of more than 90 days without the approval of the Governor in Council.

• Marginal note:Remuneration

  (5) The Commissioner shall be paid the remuneration fixed by the Governor in Council.

• Marginal note:Expenses

  (6) The Commissioner and any person appointed under subsection (4) are entitled to be paid reasonable travel and living expenses incurred in the course of performing their duties while absent from their ordinary place of work.

• Marginal note:Deemed employment

  (7) The Commissioner and any person appointed under subsection (4) are deemed to be employed in the Public Service for the purposes of the Public Service Superannuation Act and to be employed in the public service of Canada for the purposes of the Government Employees Compensation Act and any regulations made under section 9 of the Aeronautics Act.

POWERS, DUTIES AND FUNCTIONS OF THE COMMISSIONER

Marginal note:Powers, duties and functions of the Commissioner

• 5. (1) The Commissioner has the powers, duties and functions assigned to the Commissioner by this Act and by the Acts listed in Schedule 1 and shall examine and inquire into, and report to the Minister from time to time on, all matters connected with the administration of this Act and of the consumer provisions of those other Acts.

• Marginal note:Personal information

  (2) The Commissioner may collect any personal information that he or she considers necessary in furtherance of the object described in paragraph 3(2)(a).

• Marginal note:Review re voluntary codes of conduct

  (3) The Commissioner, if a financial institution has adopted a voluntary code of conduct referred to in paragraph 3(2)(c) or made a commitment designed to protect the interests of its customers, may make or cause to be made any review that he or she considers necessary to monitor compliance with the code or the commitment, as the case may be.

• Marginal note:Respect for other monitors

  (4) When acting under subsection (3), the Commissioner shall have due regard for the role of any department, agency or agent corporation of the Government of Canada or of a province or any organization that has a role in monitoring compliance by financial institutions with voluntary codes of conduct or commitments.

• Marginal note:Consumer awareness

  (5) The Commissioner may carry on any activity that he or she considers necessary in furtherance of an object described in paragraph 3(2)(d) or (e).