Managing finance is one of the trickiest works especially for people who do not have business degrees. Laymen to finance often become victim of financial frauds, which in some cases result in substantial loss to an aggrieved party. To avoid such incidents, the government of Canada has passed Financial Consumer Agency of Canada Act. The Financial Consumer Agency of Canada (FCAC) is mandated to regulate financial institutions to ensure that they comply with consumer protection measures. Significant decline in financial frauds after the enactment of Financial Consumer Agency of Canada Act is in progress.
The act not only aims to curb financial frauds committed by individual scammers but also oversees conduct of financial institutions. In this regard, the FCAC has directed financial institutions to comply with the voluntary codes of conduct and fulfill their public commitments they have made with individual consumers and merchants. Resultantly, financial institutions have to make detailed disclosures about their products and services so that consumers know exactly what they are being offered.
Furthermore, financial institutions are also obliged to collaborate and coordinate with the stakeholders to raise financial literacy of the Canadians. The strengthening of financial literacy has also resulted in lesser incidents of frauds. The Financial Consumer Agency of Canada (FCAC) also has mandated to analyze prevailing trends in the financial market of the Canada so that precautionary measures possibly is taken to avoid the impact of any adverse scenarios on consumers of financial products and services. The FCAC, in total, has eleven objectives.
All of the objectives are directed towards the protection of the consumers of financial services and products. The FCAC serve as bastion of transparent, accountable and simplified financial environment all over Canada. The organization is proactively working in order to safeguard the interests of financial consumers in Canada.