The Hon. Jim Peterson, Secretary of State, (International Financial Institutions) today announced the official opening of the Financial Consumer Agency of Canada.

The FCAC is an independent agency charged with overseeing consumer protection measures in federal legislation that regulates financial institutions and undertaking consumer education activities.

“The creation of FCAC is an important milestone in protecting Canadian consumers and ensuring that Canada’s financial institutions act in their best interests,” said FCAC Commissioner William Knight.

The FCAC will supervise Canada’s federally regulated financial institutions to ensure that they comply with the consumer provisions applicable to them; monitor the implementation of voluntary codes of conduct adopted by these institutions; and promote consumer awareness of the obligations of financial institutions under consumer provisions.

The FCAC was established under Bill C-8, the Financial Consumer Agency of Canada Act, which was enacted today.

The agency is headed by Commissioner Knight, whose appointment was announced on October 18. The appointment, for a five-year term, takes effect on November 1.