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34-519: November of every year is Canada's Financial Literacy Month. The month is organized by the Financial Literacy Action Group (FLAG), a coalition of 7 non-profit organizations who work with the federal government body Financial Consumer Agency of Canada (FCAC). Throughout November FLAG organizes events across Canada to educate and engage with the public regarding the need for financial literacy and promote services available to

68-639: A financial wellness program within their workplace, including a section specifically tailored to employees. Office of the Superintendent of Financial Institutions The Office of the Superintendent of Financial Institutions ( OSFI ; French : Bureau du surintendant des institutions financières , BSIF ) is an independent agency of the Government of Canada reporting to the Minister of Finance created "to contribute to public confidence in

102-650: A former senior executive and Member of Parliament in the House of Commons of Canada . He retired in 2006. Ursula Menke was appointed Commissioner in December 2007. Before her mandate at FCAC, Ms. Menke held various positions giving her more than 30 years' experience in financial and legal affairs in both the public and private sectors, including the Privy Council Office , the Department of Finance and

136-538: A term of 5 years. She was replaced by interim Commissioner Werner Liedtke on February 23, 2024. Under its compliance and enforcement mandate, the Agency investigates cases of non-compliance with consumer protection measures as set out in Canadian legislation. FCAC identifies potential cases using consumer complaints, as well as through the inquiries and investigations of its officers. The Agency's commissioner can impose

170-489: A variety of financial topics, along with online interactive tools that can help consumers find the financial products and services that best meet their needs, including a Budget Planner, Mortgage Calculator, and Financial Goal Calculator. FCAC also develops infographics and videos to help consumers strengthen their financial literacy, which can be followed and shared on Twitter, Instagram, Facebook, LinkedIn and YouTube. FCAC offers different financial education programs aimed at

204-527: A variety of penalties on institutions found to be in violation of consumer measures, including monetary penalties and public naming of the institution. FCAC's Commissioner reports to Parliament annually with an assessment of federally regulated institutions' compliance with legislation. Under its consumer education mandate, FCAC produces timely and objective resources and tools related to understanding and managing personal finances and financial products and services. On Canada.ca/money, FCAC offers information on

238-408: A wide range of age groups, including financial workshops and e-learning videos for young adults, a workshop aimed at better understanding credit reports, and learning programs to help adults manage their personal finances. FCAC also offers a free online resource, financial wellness in the workplace that provides Canadian employers with the strategies, tools and resources needed to build and implement

272-590: Is an agency of the Government of Canada that enforces consumer protection legislation, regulations and industry commitments by federally regulated financial entities. It also provides programs and information to help consumers understand their rights and responsibilities when dealing with financial institutions and promotes financial literacy. FCAC has a dual mandate, set out in the Financial Consumer Agency of Canada Act . Broadly, these two main elements are: Under its compliance mandate, FCAC

306-490: Is responsible for: Under financial literacy, FCAC is responsible for: FCAC monitors and supervises financial institutions and external complaints bodies that are regulated under federal legislation. These entities include all banks and federally incorporated or registered insurance, trust and loan companies, retail associations, federal credit unions and external complaints bodies. FCAC also supervises payment card network operators to determine whether they are in compliance with

340-523: The Code of Conduct for the Credit and Debit Card Industry came into force. FCAC opened its new Research Branch as part of its expanded mandate. November 2011 was the first Financial Literacy Month. FCAC, together with a group of community organizations called the Financial Literacy Action Group (FLAG), organized workshops and other events across Canada to promote financial literacy among consumers.In March 2012,

374-509: The Home Bank failure and was responsible for regulating Canada's chartered banks. Early 1930s – Royal Commission on Banking and Currency reviewed banking and currency issues in the Canadian financial system. Early 1960s – Porter Royal Commission reviewed structural and operational issues affecting the financial system and financial institutions in Canada. The commission's report concluded

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408-644: The Metropolitan Life Insurance Company . Lucie Tedesco, was appointed Commissioner on September 4, 2013. Prior to her appointment as Commissioner, Ms Tedesco held the roles of Acting Commissioner and Deputy Commissioner with the FCAC. She joined the Agency, after serving as Vice-President, Insurance and Loan Operations and Vice-President, Strategy & Planning with Export Development Canada. FCAC’s last permanent Commissioner, Judith Robertson, began her appointment on August 19, 2019, for

442-601: The Canadian financial system". It is the sole regulator of banks, and the primary regulator of insurance companies, trust companies, loan companies and pension plans in Canada. The current Superintendent is Peter Routledge, who was appointed in June 2021. He replaced Jeremy Rudin, who retired. The term of the appointment is seven years. OSFI's mandate is to protect depositors, policyholders, financial institution creditors and pension plan members, while allowing financial institutions to compete and take reasonable risks. The Office of

476-751: The Chief Actuary, an independent unit operating within OSFI, provides a range of actuarial valuation and advisory services to the Government of Canada. The OSFI sets the Domestic Stability Buffer (DSB), a capital buffer that mandates a portion of the percentage of loans that Canada's six largest banks must keep in reserve in case of adverse circumstances such as a financial downturn where some borrowers may be unable to keep making payments on their loans. Late 1800s – establishment of

510-689: The Future: The National Strategy for Financial Literacy". The report outlined a series of outreach and education goals for the public and private sectors aimed to help Americans improve their understanding of financial issues such as credit management, savings, and home ownership. Throughout the years, multiple states have also proclaimed April as Financial Literacy Month including Arkansas, Oklahoma, Pennsylvania, and Texas. Financial Consumer Agency of Canada The Financial Consumer Agency of Canada ( French : Agence de la consommation en matière financière du Canada , FCAC)

544-610: The Minister of Finance introduced legislation to establish the Canada Deposit Insurance Corporation (CDIC) to ensure the safety of small deposits and bring about a gradual improvement in the minimum financial standard of deposit-taking institutions in Canada. In 1983, legislative amendments extended CDIC's mandate to include assisting to maintain public confidence and stability in the financial system. Mid-1980s – increased international competition and

578-605: The Office of the Superintendent of Insurance (OSI), which subsequently became the Department of Insurance (DOI). The DOI was responsible for overseeing federally licensed life insurance companies, property and casualty insurance companies, trust and loan companies and pension plans, and for providing actuarial services to the government. 1925 – the Office of the Inspector General of Banks was established in response to

612-473: The Parliament of Canada officially designated November as Financial Literacy Month in Canada. In December 2018, the Government of Canada passed legislation to modernize Canada’s Financial Consumer Protection Framework (FCPF) and to strengthen FCAC’s mandate and grant it additional powers. The Financial Consumer Agency of Canada Act outlines FCAC's functions, administration and enforcement powers, and lists

646-677: The Task Force presented the federal government with its report, Change, Challenge, Opportunity (known as the MacKay Report). One of the Task Force’s findings was that "the current framework for consumer protection is not as effective as it should be in reducing the information and power imbalance between institutions and consumers." Two parliamentary committees reviewed the Task Force Report, held public consultations across

680-447: The consumer provisions of the various federal acts relating to financial services, including: In cases of contravention or non-compliance with legislation, FCAC notifies the federally regulated financial entity of a violation. Depending on the severity and frequency of the problem, the Agency may also: The Agency was established in 2001 by the federal government to strengthen oversight of consumer issues and expand consumer education in

714-509: The country and presented their own recommendations. A broad consensus on ways to improve the financial sector emerged through this process. In June 1999, the government released a policy paper, Reforming Canada’s Financial Services Sector: A Framework for the Future , containing 57 reform measures. Among them was a proposal to create a financial consumer agency to oversee consumer interests and improve consumer protection. Legislation to implement

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748-662: The creation of the Financial Literacy Initiative. In 2009, new federal legislation gave FCAC oversight over payment card network operators. On July 11, 2010, amendments to the Financial Consumer Agency of Canada Act further expanded FCAC’s role in four areas: As a result of amendments to the Bank Act in 2010 which provided for federally regulated credit unions, FCAC became responsible for supervising and monitoring such credit unions’ compliance with applicable legislation and regulations. In August 2010,

782-535: The failure of two Canadian banks and the subsequent enquiry into these failures by the Honourable Willard Z. Estey highlighted the need to ensure a sound approach to handling the risks associated with the financial marketplace. July 1987 – to ensure a coordinated approach to supervision and a modern regulatory framework for Canada's financial system, and acting on the recommendations of the Estey commission,

816-514: The financial sector. FCAC’s creation was one in a series of initiatives resulting from an extensive period of study and public consultation on financial sector reform. In December 1996, the Government of Canada launched the Task Force on the Future of the Canadian Financial Services Sector, one of several initiatives following extensive debate and consultation on reform of the financial sector. In September 1998,

850-445: The financial system was sound, but developments had moved beyond the current state of laws and regulatory practices. Porter argued the public could not be insulated from loss in dealing with public institutions and markets. The Commission called for a system that would provide for adequate disclosure and that would set high standards of self-regulation, backed by strong government supervision and powers to enforce proper practices. 1967 –

884-676: The government proclaimed the Financial Institutions and Deposit Insurance Amendment Act and the Office of the Superintendent of Financial Institutions Act. This latter Act joined the Department of Insurance and the Office of the Inspector General of Banks to form OSFI, which was given the powers to supervise and regulate all federally regulated financial institutions. May 1996 – Bill C-15 receives Royal Assent. This new legislation clarifies OSFI's prime responsibilities as helping to minimize losses to depositors, policy holders, and pension plan members and to maintain public confidence in

918-708: The month by creating educational material and hosting promotional events that center around topics of personal finances. Financial Literacy Month grew out of Youth Financial Literacy Day, which originated with the National Endowment for Financial Education (NEFE) as an activity of its High School Financial Planning Program. NEFE passed responsibility for Financial Literacy Day over to the Jump$ tart Coalition which now promotes it with its partner organizations. Jump$ tart Coalition began promoting April as Financial Literacy for Youth Month in 2000. The title

952-535: The passing of Senate Resolution 316 with unanimous consent . In April 2005, the United States House of Representatives passed a bill supporting the goals and ideals of Financial Literacy Month for April 2005. This bill, and the resolution passed by the Senate, called on President Bush to issue a proclamation calling on Federal Government, States, localities, schools, nonprofit organizations business and

986-494: The people of the United States to observe the month with appropriate programs and activities. During his time in office, President Bush did not issue a proclamation. President Obama proclaimed April as National Literacy Month in least two years of his time in office. During Financial Literacy Month in 2006, The Financial Literacy and Education Commission unveiled a new national strategy in their report "Taking Ownership of

1020-591: The provisions of the Payment Card Networks Act . FCAC does not regulate foreign bank representative offices, fraternal benefit societies or cooperative credit associations. A complete list of federally regulated financial institutions is available from the Office of the Superintendent of Financial Institutions (OSFI). As a regulatory agency, FCAC can exercise its enforcement powers to ensure that federally regulated financial entities comply with

1054-437: The public: [FLAG] raises awareness of the need for financial literacy and highlights the programs, services and tools available to help Canadians improve their financial knowledge, skills and confidence. The purpose of this month is to educate the public so Canadians are equipped to: Many of the country's financial institutions (such as Planswell, Wealthsimple, RBC) and nonprofit financial educational organizations promote

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1088-451: The reform package was passed on June 14, 2001. The Financial Consumer Agency of Canada opened its doors in 2001 under the Financial Consumer Agency of Canada Act . In its first year, FCAC established a website and a call centre for consumers to make complaints and ask questions about their rights and responsibilities regarding financial products and services. In 2007, the Government of Canada provided FCAC with an additional $ 3 million for

1122-462: The sections of federal laws and regulations under its supervision. FCAC is headed by a Commissioner , appointed for a five-year term. The Commissioner reports annually to the Parliament of Canada through the Minister of Finance , on the Agency's activities and on the performance of financial institutions in complying with consumer protection measures. The first Commissioner was Bill Knight ,

1156-509: Was eventually shortened to Financial Literacy Month. In 2003 the United States Congress showed its support for the idea of a financial literacy month when Senate Resolution 48 and House Resolution 127 asked President George W. Bush to declare April Financial Literacy for Youth Month. At that time, governors of eight states had already named the month of April as such. April 2004 was named National Financial Literacy Month by

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