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Government of Canada / Gouvernement du Canada

Priority 6 Strengthen consumer protection measures

13 Findings
8 Initiatives
5 Adopters

The aim of this priority is to encourage stakeholders to strengthen and adapt consumer protection measures with a view to improving consumer outcomes in an increasingly digital financial marketplace.

PRIORITY 6 - TARGET OUTCOMES

Target outcome 6.1

More stakeholders in the financial services industry adopt concrete measures to prioritize financial consumer protection and the fair treatment of consumers, including the protection of consumer data, selling appropriate products and services, and effective complaint resolution.

Target outcome 6.2

More Canadians benefit from an appropriate level of consumer protection and market conduct standards whether they deal with new or existing providers of digital products, services, or practices.

Target outcome 6.3

More Canadians understand their rights and responsibilities when dealing with the financial services industry, and how and where to seek resolution when they experience a problem.

WHAT FCAC WILL DO

  • Lead by example in working across sectors to develop and test interventions that help stakeholders prevent financial fraud and protect consumer data.
  • Monitor and conduct research on emerging trends and issues in the financial sector to make evidence-based recommendations where gaps in consumer protection are identified.
  • Conduct public awareness campaigns to educate consumers on emerging risks/opportunities and promote knowledge of consumers’ rights and responsibilities, including how to resolve a complaint.
Related findings
Finding

18% of Canadian investors did not submit a formal complaint when they had concerns about their investment accounts, citing "nothing would come of it" as a top reason.

Initiative: Investor Survey

Adopter: Canadian Investment Regulatory Organization
Finding

20% of Canadian investors do not know whom to contact if they want to make a formal complaint.

Initiative: Investor Survey

Adopter: Canadian Investment Regulatory Organization
Finding

40% of Canadian investors think industry disclosures are adequate.

Initiative: Investor Survey

Adopter: Canadian Investment Regulatory Organization
Finding

Awareness remains highest among consumers that a bank cannot issue a credit card without the client’s prior approval (78%, unchanged from 2019).

Initiative: Survey of Consumers' Awareness of their Financial Rights and Responsibilities

Adopter: Financial Consumer Agency of Canada
Finding

Awareness remains highest among consumers that banks are required to provide easy-to-understand information on the cost of financial products and services they offer (81%, unchanged from 2019).

Initiative: Survey of Consumers' Awareness of their Financial Rights and Responsibilities

Adopter: Financial Consumer Agency of Canada
Finding

Awareness remains lowest among consumers that credit card protection insurance does not always cover the outstanding balance on their card (32% are aware, which is not a statistically significant change since 2019).

Initiative: Survey of Consumers' Awareness of their Financial Rights and Responsibilities

Adopter: Financial Consumer Agency of Canada
Finding

Consumers' understanding that a bank cannot increase their credit card limit without their approval has declined since 2019 (down 3 points to 57% versus 60%).

Initiative: Survey of Consumers' Awareness of their Financial Rights and Responsibilities

Adopter: Financial Consumer Agency of Canada
Finding

Consumers' understanding that they do not have to agree to credit card protection when applying for a card has declined since 2019 (down 5 points to 64% versus 69%).

Initiative: Survey of Consumers' Awareness of their Financial Rights and Responsibilities

Adopter: Financial Consumer Agency of Canada
Finding

Fewer than 10% of Canadians reported using a Buy-Now-Pay-Later service during 2021. Among them, few made a complaint or tried to resolve a dispute with a financial service provider, or reported their experience of the dispute-resolution process.

Initiative: Pilot Study: Buy Now, Pay Later Services in Canada

Adopter: Financial Consumer Agency of Canada
Finding

In Ontario, 48% of mortgage brokerage users and 59% of health and life insurance users indicated they did not know their rights and protections related to these financial products.

Initiative: 2022 Consumer Research Study

Adopter: Financial Services Regulatory Authority of Ontario
Finding

In Ontario, few consumers who report experiencing issues make a formal complaint. Among those who chose not to complain, many did not believe complaining would make a difference.

Initiative: 2022 Consumer Research Study

Adopter: Financial Services Regulatory Authority of Ontario
Finding

Just over half of Canadians (55%) said they are aware the Government of Canada has a department or agency dedicated to protecting its financial consumers. Among the rest, approximately one-third (35%) did not know and 10% said no there is no such department or agency.

Initiative: Survey of Canadians' Use of Banking Products and Services

Adopter: Financial Consumer Agency of Canada
Finding

Seniors (68%) were more likely than non-seniors (62%) to agree that bank employees have the knowledge and skills to help them identify signs of financial abuse, fraud, or scams.

Initiative: Survey on Banking of Canadians

Adopter: Financial Consumer Agency of Canada
Related measures
Use the Opens in new tabMeasures Library to search for Strategy-Aligned Measures (SAMs) that help stakeholders in the financial ecosystem track progress toward achieving the National Strategy’s target outcomes.
Related initiatives
Initiative

2022 Consumer Research Study

The Consumer Research study, that consisted of 4,000 adults from Ontario, provides an important opportunity for FSRA to better understand consumer attitudes (e.g., trust, satisfaction), engagement with regulated financial services (e.g., consumer knowledge, behaviours), and consumer characteristics, including vulnerability. The study will enable FSRA to, over time, monitor the impact of market changes, industry responses, and regulatory efforts on consumers, members, and beneficiaries.

Adopter: Financial Services Regulatory Authority of Ontario
Initiative

Investor Survey

The objective of the national investor survey is to help CIRO understand the attitudes, knowledge, beliefs and behaviours of Canadians, particularly Canadian investors.

Adopter: Canadian Investment Regulatory Organization
Initiative

OBSI programs

Share insights, experience and statistical information with regulators, government, industry and consumer groups to help inform public policy decisions.

Adopter: Ombudsman for Banking Services and Investments
Initiative

Pilot Study: Buy Now, Pay Later Services in Canada

The Pilot Study: Buy Now, Pay Later Services in Canada is a survey from the Financial Consumer Agency of Canada. It aimed to broaden the Agency's understanding of the buy now, pay later market in Canada, from the perspective of Canadian consumers.

Adopter: Financial Consumer Agency of Canada
Initiative

Survey of Canadians' Use of Banking Products and Services

The Survey of Canadians’ Use of Banking Products and Services is designed to collect information during the pandemic about how Canadians are consuming financial products during the pandemic and to what extent they are accessing COVID-19-related financial assistance offered by the banks.

Adopter: Financial Consumer Agency of Canada
Initiative

Survey of Consumers' Awareness of their Financial Rights and Responsibilities

The Survey of Consumers' Awareness of their Financial Rights and Responsibilities gathers evidence of certain financial rights and responsibilities, highlights potential gaps in consumers’ awareness of certain financial risks identified in the Financial Consumer Agency of Canada's industry review of bank sales practices, and assesses results against the baseline established in 2019.

Adopter: Financial Consumer Agency of Canada
Initiative

Survey on Banking of Canadians

The Survey on Banking of Canadians assesses the banking experiences of older Canadians as well as to identify challenges and potential solutions.

Adopter: Financial Consumer Agency of Canada
Initiative

Your Money Seniors

Free, non commercial financial literacy education seminars designed to help Canadians gain an understanding of responsible financial management and achieve financial well-being. The seminars are presented by volunteer bankers in communities across Canada in English and French and are available both virtually and in-person.

Adopter: Canadian Bankers Association
Related adopters
Adopter

Canadian Bankers Association

Canadian Bankers Association (CBA) is the voice of more than 60 domestic and foreign banks that help drive Canada's economic growth and prosperity. The CBA advocates for public policies that contribute to a sound, thriving banking system to ensure Canadians can succeed in their financial goals.
Adopter

Canadian Investment Regulatory Organization

The Canadian Investment Regulatory Organization (CIRO) is the pan-Canadian self-regulatory organization that oversees all investment dealers, mutual fund dealers, and trading activity on Canada’s debt and equity marketplaces. The Office of the Investor has a mandate to support policy development, educate investors, engage in investor outreach, perform investor research, and support the Investor Advisory Panel (IAP).
Adopter

Financial Consumer Agency of Canada

The Financial Consumer Agency of Canada (FCAC) is an independent federal government agency responsible for protecting the rights and interests of consumers of financial products and services. It supervises federally regulated financial entities, such as banks, and strengthens the financial literacy of Canadians.
Adopter

Financial Services Regulatory Authority of Ontario

The Financial Services Regulatory Authority of Ontario (FSRA) is an independent agency created to improve consumer and pension plan beneficiary protections in Ontario. FSRA regulates a number of financial services sectors in Ontario including insurance, credit unions, mortgage brokers and pension plan administrators.
Adopter

Ombudsman for Banking Services and Investments

Ombudsman for Banking Services and Investments (OBSI) resolves disputes between participating banking services and investment firms and their customers if they can't solve them on their own.

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