The Financial Consumer Agency of Canada tabled its second annual report in Parliament today.

The report describes FCAC’s compliance and outreach activities during its first full year of operations (April 1, 2002 to March 31, 2003).

FCAC was created in October 2001 to oversee consumer protection measures in the federally regulated financial services sector and to expand consumer education activities.

It monitors more than 470 federally regulated financial institutions to ensure they comply with the consumer provisions of the federal laws and regulations that govern them.

“Through compliance and outreach activities, FCAC has worked with federally regulated financial institutions to improve the Canadian financial services marketplace for millions of consumers,” says FCAC Commissioner Bill Knight. “This annual report shows that we’re having an impact on Canadian consumers and that there is a need to ensure that financial institutions meet their obligations to them.”

As part of its compliance activities, identifed violations of the consumer provisions and working with institutions to implement corrective measures.

Through its outreach activities, FCAC has informed millions of Canadians about financial products and services and their rights as consumers. FCAC heard from more than 14,000 financial consumers and provided them with information in response to their financial situation.