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The Financial Consumer Agency of Canada (FCAC) is an independent regulatory agency of the federal government that is in charge of informing and protecting consumers with regards to financial services, including payday loans. The FCAC was created in 2001 to enhance consumer education and provide more oversight on consumer issues in the financial services sector. The establishment of the FCAC was based on the Financial Consumer Agency of Canada Act. Its creation was part of several initiatives that resulted from studies on the reform of the financial sector.

Responsibilities of the FCAC

The FCAC has several duties in its role of educating and protecting consumers. This independent body ensures that financial services companies comply with their own codes of conduct. It also checks to see if these loan companies, such as payday loan companies, are complying with the laws and regulations on consumer protection. The FCAC also ensures that consumers are given the right information on their rights and responsibilities.

Role of the the FCAC Commissioner

Ursula Menke is the FCAC Commissioner, who reports to the Parliament regarding the activities of the agency every year. The Commissioner also reports on how the financial services companies are complying with the regulations on consumer protection.

Reasons for the establishment of the FCAC

The FCAC was established for both consumers and the industry. For consumers, the FCAC ensures that they are adequately protected and informed. For the industry, the FCAC informs them about federal regulations, their voluntary codes of conduct, and the decisions of the Commissioner on compliance cases.

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