Final Financial Consumer Agency Of Canada Supervision Framework In Effect

The Financial Consumer Agency of Canada (FCAC) recently published the final version of its Supervision Framework (2018 Framework), which took effect October 1, 2018.

The 2018 Framework outlines the principles and processes that assist FCAC in fulfilling its mandate to supervise regulated entities. Under the 2018 Framework, FCAC continues to abide by its four guiding principles of:

1. Transparency: FCAC achieves transparency by communicating its expectations, concerns and priorities clearly, early and often.
2. Proactivity: FCAC strives to identify emerging issues and market trends early and intervene swiftly to foster sound market conduct.
3. Proportionality: FCAC allocates its resources proportionally to the level of market conduct risk presented by each regulated entity, and takes enforcement action that is proportionate to the circumstances of the breach.