Financial Consumer Agency of Canada Act

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.