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

Act current to 2019-08-28 and last amended on 2019-04-10. Previous Versions

Financial Consumer Agency of Canada Act

S.C. 2001, c. 9

Assented to 2001-06-14

An Act to establish the Financial Consumer Agency of Canada and to amend certain Acts in relation to financial institutions

Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

Short Title

Marginal note:Short title

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

Interpretation

Marginal note:Definitions

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

Agency

Agency means the Financial Consumer Agency of Canada established under section 3. (Agence)

bank holding company

bank holding company means a bank holding company as defined in section 2 of the Bank Act; (société de portefeuille bancaire)

Commissioner

Commissioner means the Commissioner of the Agency appointed under section 4. (commissaire)

consumer provision

consumer provision means

  • (a) paragraphs 157(2)(e) and (f), sections 273.1 and 413.1, subsection 418.1(3), sections 439.1 to 459.5, subsections 540(2) and (3) and 545(4) and (5), paragraphs 545(6)(b) and (c), subsection 552(3) and sections 559 to 576.3 of the Bank Act together with any regulations made under or for the purposes of those provisions;

  • (a.1) sections 992 to 1003 of the Bank Act as those sections apply to any notice, document or other information that is required under the provisions referred to in paragraph (a);

  • (b) paragraphs 167(2)(f) and (g), subsection 382.2(3) 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;

  • (b.1) sections 487.01 to 487.12 of the Cooperative Credit Associations Act as those sections apply to any notice, document or other information that is required under the provisions referred to in paragraph (b);

  • (c) paragraphs 165(2)(f) and (g), subsection 469.1(3), sections 479 to 489.3, subsection 542.061(3) and sections 598 to 607.2 of the Insurance Companies Act together with any regulations made under or for the purposes of those provisions;

  • (c.1) sections 1034 to 1045 of the Insurance Companies Act as those sections apply to any notice, document or other information that is required under the provisions referred to in paragraph (c);

  • (d) paragraphs 161(2)(e) and (f), subsection 418.1(3) 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;

  • (d.1) sections 539.01 to 539.12 of the Trust and Loan Companies Act as those sections apply to any notice, document or other information that is required under the provisions referred to in paragraph (d); and

  • (e) subsection 469.1(3) as set out in paragraph 17(1)(f) of the Green Shield Canada Act and the provisions referred to in paragraph 17(1)(f.1) of that 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. (disposition visant les consommateurs)

Deputy Commissioner

Deputy Commissioner means a Deputy Commissioner appointed under section 8. (commissaire adjoint)

external complaints body

external complaints body has the same meaning as in section 2 of the Bank Act. (organisme externe de traitement des plaintes)

financial institution

financial institution means

Financial Literacy Leader

Financial Literacy Leader[Repealed, 2018, c. 27, s. 336]

governing statute

governing statute means

insurance holding company

insurance holding company means an insurance holding company as defined in subsection 2(1) of the Insurance Companies Act. (société de portefeuille d’assurances)

Minister

Minister means the Minister of Finance. (ministre)

payment card network operator

payment card network operator means an entity, as defined in section 3 of the Payment Card Networks Act, that operates or manages a payment card network, as defined in that section, including by establishing standards and procedures for the acceptance, transmission or processing of payment transactions and by facilitating the electronic transfer of information and funds. (exploitant de réseau de cartes de paiement)

penalty

penalty means an administrative monetary penalty. (pénalité)

prescribed

prescribed means prescribed by regulation. (Version anglaise seulement)

  • 2001, c. 9, s. 2
  • 2009, c. 2, s. 280
  • 2010, c. 12, s. 1835, c. 25, s. 156
  • 2012, c. 5, ss. 217, 222
  • 2013, c. 1, s. 2
  • 2018, c. 27, s. 336

Establishment of Agency

Marginal note:Establishment

  •  (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 and external complaints bodies to determine whether the institution or body is in compliance with

      • (i) the consumer provisions applicable to them, and

      • (ii) the terms and conditions or undertakings with respect to the protection of customers of financial institutions that the Minister imposes or requires, as the case may be, under an Act listed in Schedule 1 and the directions that the Minister imposes under this Act;

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

    • (b.1) promote the adoption by financial institutions of policies and procedures designed to implement

      • (i) voluntary codes of conduct that are designed to protect the interests of their customers, that are adopted by financial institutions and that are publicly available, and

      • (ii) any public commitments made by them that are designed to protect the interests of their customers;

    • (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 and of external complaints bodies under consumer provisions applicable to them and about all matters connected with the protection of consumers of financial products and services; 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;

    • (f) monitor and evaluate trends and emerging issues that may have an impact on consumers of financial products and services; and

    • (g) collaborate and coordinate its activities with stakeholders to contribute to and support initiatives to strengthen the financial literacy of Canadians.

  • Marginal note:Objects — payment card network operators

    (3) The objects of the Agency are also to

    • (a) supervise payment card network operators to determine whether they are in compliance with the provisions of the Payment Card Networks Act and its regulations;

    • (b) promote the adoption by payment card network operators of policies and procedures designed to implement the provisions of the Payment Card Networks Act and its regulations;

    • (c) monitor the implementation of voluntary codes of conduct that have been adopted by payment card network operators and that are publicly available, and to monitor any public commitments made by them regarding their commercial practices in relation to payment card networks; and

    • (d) promote public awareness about the obligations of payment card network operators under a voluntary code of conduct or under the Payment Card Networks Act.

  • 2001, c. 9, s. 3
  • 2010, c. 12, ss. 1836, 1851, c. 25, s. 157
  • 2013, c. 1, s. 3
 
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