Extra powers for Financial Consumer Agency of Canada

The Financial Consumer Agency of Canada will soon have more power to protect consumers, the Financial Post reports.

FCAC oversees federally-regulated financial institutions, like banks, insurers and trusts. It’s responsible for educating and protecting consumers.

Read: Canada gets financial literacy leader

Soon, it will also be responsible for enforcing a tougher code of conduct for financial businesses, reports FP. The government has yet to finalize the code, but it’s expected to set out service standards for the industry.

FCAC is also reviewing financial documents to see if more contracts can be put into plain language to help consumers.

Read more here.

Also read:

Low financial literacy plagues millennials

Business schools may be a dying breed

Seniors say they know it all when it comes to finance

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.