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ARTICLE · 08 MAY 2020

Enhanced Powers For The Financial Consumer Agency Of Canada

Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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Key changes marking a significant shift in the Financial Consumer Agency of Canada's (FCAC) enforcement powers and mandate came into force on April 30, 2020.

CanadaConsumer Protection
Paul Belanger
Paul Belanger
Jacqueline Shinfield
Jacqueline Shinfield
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Key changes marking a significant shift in the Financial Consumer Agency of Canada's (FCAC) enforcement powers and mandate came into force on April 30, 2020. Financial institutions will need to recalibrate their reputation and regulatory risk assessments in light of these changes.

On December 13, 2018, Bill C-86, Budget Implementation Act, 2018, No. 2 (Bill C-86), received royal assent. Bill C-86, among other things, amends the Bank Act to provide for a financial consumer protection framework (Framework) for banks and authorized foreign banks. These amendments include provisions that expand the mandate and enhance the powers of the FCAC. By order in council, these provisions came into force on April 30, 2020. The remaining amendments relating to the Framework are not yet in force. For further information on those amendments please see our November 2018 Blakes Bulletin: A New Federal Financial Consumer Protection Framework.

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