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ARTICLE · 02 MAY 2017

New FCAC Supervision Framework

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The Financial Consumer Agency of Canada (FCAC) has published its new Supervision Framework...

CanadaFinance and Banking
Melissa Prado
Melissa Prado
Peter Aziz
Peter Aziz
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The Financial Consumer Agency of Canada (FCAC) has published its new Supervision Framework, which reflects the comments received from stakeholders on an earlier draft of the framework which FCAC published for consultation in the fall of 2016. The Supervision Framework aims to provide a high degree of transparency into how FCAC supervises and monitors federally regulated financial institutions, external complaints bodies, and payment card network operators. FCAC will commence implementation of the Supervision Framework on November 1, 2017, but FCAC internal processes and initiatives to support the framework will be phased in over time. More details about supporting initiatives, such as the revised Publishing Principles, effective dates of new tools and corresponding changes to FCAC processes, will be provided to regulated entities throughout the summer months.

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