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Financial Consumer Agency of Canada Act (S.C. 2001, c. 9)

Act current to 2019-11-19 and last amended on 2019-04-10. Previous Versions

AMENDMENTS NOT IN FORCE

  • — 2018, c. 27, s. 336(2)

      • 336 (2) Paragraph (a) of the definition consumer provision in section 2 of the Act is replaced by the following:

        • (a) paragraph 157(2)(e), sections 195.1, 273.1, 627.02 to 627.998 and 979.1 to 979.4 of the Bank Act together with any regulations made under or for the purposes of those provisions;

  • — 2018, c. 27, s. 337

    • 337 The Act is amended by adding the following after section 2:

      Purpose of Act

      • Supervision and protection

        2.1 The purpose of this Act is to ensure that financial institutions, external complaints bodies and payment card network operators are supervised by an agency of the Government of Canada so as to contribute to the protection of consumers of financial products and services and the public, including by strengthening the financial literacy of Canadians.

  • — 2018, c. 27, s. 338

      • 338 (1) Paragraph 3(2)(b) of the Act is replaced by the following:

        • (b) strive to protect the rights and interests of consumers of financial products and services and the public, taking into account the need of financial institutions to efficiently manage their business operations;

      • (2) Paragraphs 3(2)(b.1) to (d) of the Act are replaced by the following:

        • (c) promote the adoption by financial institutions of policies and procedures designed to implement provisions, terms and conditions, undertakings or directions referred to in paragraph (a) — as well as voluntary codes of conduct that are adopted by financial institutions, and any public commitments made by them, that are designed to protect the rights and interests of their customers — and monitor the implementation of those voluntary codes and public commitments;

        • (c.1) promote the adoption by external complaints bodies of policies and procedures designed to implement the provisions, terms and conditions, undertakings or directions referred to in paragraph (a);

        • (c.2) monitor and evaluate trends and emerging issues that may have an impact on consumers of financial products and services, and make information on those trends and issues public;

        • (d) strengthen the financial literacy of Canadians and promote consumer awareness about the obligations of financial institutions and of external complaints bodies under the consumer provisions applicable to them and about all matters connected with the protection of consumers of financial products and services; and

      • (3) Paragraphs 3(2)(f) and (g) of the Act are repealed.

  • — 2018, c. 27, s. 342(2)

      • 342 (2) The Act is amended by adding the following after section 5:

        • Business plan
          • 5.01 (1) At least 30 days before the end of each fiscal year, the Commissioner shall submit a business plan to the Minister for approval.

          • Content of business plan

            (2) The business plan shall include a statement, for at least the following financial year, of the Agency’s objectives, the strategies that it intends to use to achieve those objectives and its operating and capital budgets.

  • — 2018, c. 27, s. 344

      • 344 (1) Subsection 19(1) of the Act is amended by striking out “and” at the end of paragraph (c) and by adding the following after that paragraph:

        • (c.1) prescribing the circumstances in which the Commissioner shall not make public, under subsection 31(1), the name of the person who committed the violation; and

      • (2) Subsection 19(2) of the Act is replaced by the following:

        • Maximum penalties

          (2) The maximum penalty for a violation is $1,000,000 in the case of a violation that is committed by a natural person, and $10,000,000 in the case of a violation that is committed by a financial institution or a payment card network operator.

  • — 2018, c. 27, s. 345

    • 345 Paragraphs 20(c) and (d) of the Act are replaced by the following:

      • (c) the duration of the violation;

      • (d) the ability of the person who committed the violation to pay the penalty;

      • (e) the history of the person who committed the violation with respect to any prior violation or conviction under an Act listed in Schedule 1 within the five-year period immediately before the violation; and

      • (f) any other criteria that may be prescribed.

  • — 2018, c. 27, s. 346

    • 346 The Act is amended by adding the following after section 20:

      • Purpose of penalty

        20.1 The purpose of the penalty is to promote compliance with the consumer provisions, compliance agreements that have been entered into under an Act listed in Schedule 1, any terms and conditions, undertakings or directions referred to in subparagraph 3(2)(a)(ii), the provisions of the Payment Card Networks Act or its regulations, and agreements entered into under section 7.1, and not to punish.

  • — 2018, c. 27, s. 347

    • 347 Section 31 of the Act is replaced by the following:

      • Publication
        • 31 (1) Subject to any regulations, the Commissioner shall make public the nature of a violation, the name of the person who committed it and the amount of the penalty imposed.

        • Publication — reasons

          (2) In making public the nature of a violation, the Commissioner may include the reasons for his or her decision, including the relevant facts, analysis and considerations that formed part of the decision.

  • — 2018, c. 27, s. 350

    • 350 Schedule 1 to the Act is amended by replacing the references after the heading “SCHEDULE 1” with the following:

      (Subsections 3(2), 5(1) and 19(1) and sections 20, 20.1 and 33.1)
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