MIL-OSI Translation: Opening speech to the House of Commons Standing Committee on Finance (FINA) by Werner Liedtke, Acting Commissioner

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MIL OSI Translation. Canadian French to English –

Source: Government of Canada – in French

May 31, 2024

Ottawa, Ontario

The speech delivered is authentic

Thank you, Mr. Chairman, for this presentation, and thank you to the Committee for inviting us to testify before you today.

My name is Werner Liedtke. I am the interim commissioner of the Financial Consumer Agency of Canada, or FCAC.

With me are Frank Lofranco, Assistant Commissioner, Monitoring and Enforcement, and Supriya Syal, PhD and Assistant Commissioner, Research, Policy and Education.

The FCAC is an independent federal agency that protects the rights and interests of consumers of financial products and services.

At FCAC, we are pleased that the financial well-being of Canadians is such an important part of Budget 2024.

Budget 2024 includes several important initiatives for our agency, including a new role and expanded mandate to oversee, manage and enforce the Canadian Consumer-Driven Banking Framework.

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

We are working closely with the Department of Finance to advance Canada’s Consumer-Driven Banking Framework, which prioritizes innovation and provides strong, consistent protections for Canadians who will use consumer-driven banking services. on consumers.

This new framework is guided by three objectives:

While the Department of Finance leads the development of policies and legislation and regulations for this framework, Budget 2024 proposes to provide FCAC with $1 million in 2024-2025 to help it prepare to exercise its new responsibilities.

This budgetary funding will allow us to begin developing a consumer awareness campaign.

Over the coming months, we will also work with the financial sector and other stakeholders to develop common rules for consumer-focused banking services, as we move closer to implementing the framework.

FCAC has in-depth operational knowledge of how the banking sector operates in Canada through its work as an industry regulator.

Consumer-focused banking services complement existing financial services.

FCAC’s ability to oversee consumer banking services also relies on its knowledge of consumer trends and issues and its long-standing mandate for consumer education.

We conduct research into consumer behaviors to understand their needs and how they make financial decisions.

Additionally, we collaborate with organizations across the financial ecosystem, including financial service providers, consumer advocacy groups, as well as provincial and territorial regulators.

These factors enable the Agency to effectively protect consumers while overseeing an innovative and competitive framework that is beneficial to all parties.

The 2024 budget also includes other protective measures and initiatives from which consumers will benefit, such as the commitment to low-fee bank accounts and no-fee accounts initially announced in 2014.

FCAC is working with banks to update this commitment and:

Our work to update the Commitment is another example of how our understanding of consumer needs complements our regulatory mandate.

I’ll stop here. I will be happy to answer your questions. THANKS.

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

MIL Translation OSI