FCAC Report Identifies 11 Best Practices In Financial Consumer Protection

Building on the federal government's continued commitment to modernize and enhance Canada's financial consumer protection framework (Framework), the Financial Consumer Agency of Canada (FCAC) has released its Report on Best Practices in Financial Consumer Protection (Report). While the Report provides useful insight into the financial consumer protection landscape in Canada, at this time, it remains unclear how the Report's findings will fit into the government's commitment to modernize the Framework or how the best practices will be made actionable.

The mandate that is the subject of the Report dates back to 2013, when the federal government launched a public consultation to seek input on a proposed Framework. Following the consultation, the government introduced Bill C-29, Budget Implementation Act, 2016, No. 2 (Bill C-29) in October 2016. Bill C-29 proposed to modernize the Framework by consolidating existing consumer provisions in the Bank Act (Canada)