Finance Minister Paul Martin and Secretary of State (International Financial Institutions ) Jim Peterson on Thursday announced the appointment of William Knight as the first commissioner of the Financial Consumer Agency of Canada.

The appointment, which takes effect on November 1, is for a five-year term. Knight is currently president and CEO of Credit Union Central of Canada, a position he has held since 1995.

The new agency is set to begin operation on October 24, the same day Bill C-8, the financial sector reform legislation, comes into force.

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

The agency will also assist individuals seeking information about financial services by offering consumer protection information, responding to inquiries and directing consumers with complaints and inquiries about financial services to other responsible bodies.

“I am extremely pleased that Knight has accepted the position of Commissioner,” Martin said. “Sound leadership will be vital for the agency. His extensive background in the financial services sector and his experience in meeting the needs of consumers are sure to be tremendously beneficial.”

Knight has been president and CEO of Credit Union Central of Canada since 1995. He was also chairman of the board for Credential Group and the chair for Credit Union Institute of Canada. Prior to joining CUCC, Knight held a number of senior management positions to political leaders at both provincial and federal levels. He is a former NDP member of Parliament for the riding of Assiniboia and has served on the House of Commons Standing Committee on Finance.