The annual report of the Financial Consumer Agency of Canada (FCAC) outlines an increase in consumer demand for FCAC’s services during its second full year of operations, April 1, 2003 to March 31, 2004. The report was released today.
“Consumer demand for our services — from providing publications to investigating complaints about financial institutions – has certainly been increasing,” said FCAC commissioner Bill Knight, in a release. “This annual report shows that more and more Canadians are capitalizing on the information and help that we offer them.”
During fiscal year 2003-04, FCAC says it improved the Canadian financial marketplace for millions of consumers by:
- monitoring compliance with the new Access to Basic Banking Services Regulations, which increases the access of Canadians to basic banking services;
- undertaking a mystery shopping exercise at more than 1,600 bank branches to identify potential deficiencies in the marketplace;
- working to ensure better disclosure in key product areas such as credit cards and mortgages;
- reviewing the complaint-handling procedures of five large banks; and
- identifying violations of the consumer provisions and working with financial institutions to implement corrective measures.
During fiscal year 2003-04, FCAC says it responded to more than 17,000 inquiries and complaints from consumers, concerning such issues as credit cards, loans and mortgages, and branch closures.
“During our first two full years of operations, we have set some important benchmarks, both for ourselves and for the financial institutions that we regulate,” said Knight. “Through our focus on compliance during the upcoming fiscal year, we will continue to demonstrate that the rights of financial consumers must be respected.”
FCAC Web site
http://www.fcac.gc.ca