The Financial Consumer Agency of Canada (FCAC) monitors and supervises financial institutions and external complaints bodies that are regulated at the federal level. These entities include: Banks and federal credit unions.
What is Canada's equivalent to the FTC?
The Financial Consumer Agency of Canada is responsible for protecting the rights and interests of consumers of financial products and services.
Is CRA part of the Department of Finance?
The Department of Finance Canada is responsible for developing and evaluating federal taxation policies and legislation. The Canada Revenue Agency (CRA) is responsible for interpreting tax law, as well as for assessing and collecting taxes and levies.
Who is the bank regulator in Canada?
The Financial Consumer Agency of Canada is the federal government agency mandated to protect financial consumers. It is an independent regulator that supervises banks and other federal financial entities to ensure they comply with their legal obligations, codes of conduct and public commitments.
Is there a financial ombudsman in Canada?
For 25 years, OBSI has served as Canada's trusted, independent financial ombudsman, acting as an impartial and fair investigator of banking and investment related complaints. We proudly marked 2021 as our 25th year of operations.