The Financial Consumer Agency of Canada (FCAC) has appointed Frank Lofranco deputy commissioner of supervision and enforcement.

Prior to joining the FCAC, Lofranco worked at the Office of the Superintendent of Bankruptcy and served as vice president of Scotiabank’s global anti-money laundering operations.

The FCAC supervises federally regulated financial institutions to ensure they comply with legislated consumer protection measures. Lofranco’s appointment comes hot on the heels of new FCAC powers that came into force on April 30.

Under the Financial Consumer Protection Framework, the FCAC now has the power to impose higher monetary penalties on banks and compel them to comply with their legal obligations.