MIL-OSI Translation: Opening remarks from Werner Liedtke, interim commissioner

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MIL OSI Translation. Canadian French to English –

Source: Government of Canada – in French

May 21, 2024

Toronto, Ontario

The speech delivered is authentic

Welcome to “Shaping the Future in a Changing Financial Market”.

This is a special event hosted by FCAC, with its federal partners, for financial sector leaders.

Thank you for joining us for this program which I hope will be informative and relevant and will give us the opportunity to exchange our views in an open and transparent manner.

I would first like to point out that we are on the traditional territory of many nations, including the following:

And that many members of various First Nations, as well as Inuit and Métis, now live here.

Toronto is also on land covered by Treaty 13 with the Mississaugas of the Credit and the Williams Treaties with several bands of Mississaugas and Chippewas.

I am pleased to open this event as Acting Commissioner of the Financial Consumer Agency of Canada, or FCAC.

The priority today is to explore the rapid digital transformation of the financial services sector, and the opportunities and risks that arise from it.

The financial landscape is changing, particularly due to the proliferation of new payment methods, evolving threats and the concept of banking for people.

Today’s panelists are uniquely positioned to explain how financial safety net organizations are working together to achieve these shared priorities.

For those who are less familiar with our mandate, the FCAC is an independent federal agency that protects the rights and interests of consumers of financial products and services.

We work closely with our federal partners, including those represented on our panel today:

the Office of the Superintendent of Financial Institutions;

the Canada Deposit Insurance Corporation;

the Bank of Canada;

the Ministry of Finance;

the Financial Transactions and Reports Analysis Center of Canada.

Collectively, we coordinate our activities on issues relating to financial stability, systemic vulnerabilities and the supervision of federally regulated financial institutions.

FCAC fulfills its mandate in two main ways:

First, as a regulator, we monitor the compliance of federally regulated financial entities, primarily banks, with consumer protection measures set out in legislation, public commitments and codes of conduct.

Second, FCAC strengthens the financial literacy of Canadians by providing them with information about their rights and responsibilities as customers of financial institutions.

In addition, we also conduct research and monitor emerging trends and issues that affect consumers of financial products and services.

You will learn more about this work during the “FCAC Research Spotlight” segment as well as throughout the event.

I’m sure you saw the government’s announcement in Budget 2024 about FCAC’s new role in banking for people.

As a leader and innovator in protecting consumers of financial products and services, FCAC is well positioned to take on this new responsibility.

Through policy and research work, we have already contributed significantly to the development of the Canadian Framework for Banking for People.

It is in everyone’s interest that we prioritize innovation while providing strong and consistent protections for consumers of financial products and services.

Innovation and protection are complementary objectives.

It is not easy to find the right balance between creating an environment favorable to innovation and managing risks for households, businesses and the stability of the financial system.

Conversations like the ones we will have today are one way to find that balance.

This approach will serve us well as we adopt consumer banking and other innovations that have not yet been imagined.

It is important to gain a common understanding of market developments, underlying risks and attractive opportunities.

With this shared understanding, we can direct innovation toward measures that support the Canadian economy while protecting the financial system and the consumers who depend on it.

As the future takes shape, it is equally important to recognize our shared responsibility in creating a more inclusive, accessible and efficient financial ecosystem for the benefit of all Canadians.

This is the vision of the National Financial Literacy Strategy.

The ecosystem, which includes many of your organizations, has rallied around the National Strategy, and we are making measurable progress toward achieving its goals.

We are all here today key players in the financial ecosystem.

We are also part of the ecosystem that will create and nurture innovation.

Our challenge is to innovate by taking actions that benefit both consumers and the industry, while managing risks and maintaining the stability, integrity and security of the financial system.

I hope you leave today with a clearer picture of the landscape we face and a better understanding of our individual and collective roles in shaping the future.

I also hope you will see that everyone wins when we work together to achieve the common goals of financial market security and prosperity.

THANKS.

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.

MIL Translation OSI