Opening statement to the Standing Committee on Finance (FINA) by Commissioner Shereen Benzvy Miller

Opening statement to the Standing Committee on Finance (FINA) by Commissioner Shereen Benzvy Miller

Good afternoon, Madam Chair and members of the Committee.

My name is Shereen Benzvy Miller, and I am the Commissioner of the Financial Consumer Agency of Canada, or FCAC.

I am joined by Deputy Commissioner of Insights, Policy and Financial Literacy, Dr. Manon Bombardier, and Deputy Commissioner of Supervision and Enforcement, Frank Lofranco.

We welcome the opportunity to contribute to the Committee’s study of household debt in Canada.

FCAC’s research shows that many Canadians are under real financial strain. 

According to our Monthly Financial Well-being Survey, 40% of Canadians reported their debt had increased in 2025—up from 35% in 2020.

Nearly twothirds say they are carrying nonmortgage debt, with parents and those aged 35 to 54 being the most indebted.

Many organizations have expertise in household debt, including our colleagues here today, and previous witnesses before this Committee. 

For our part, we work at the intersection where consumers meet financial institutions and others in the financial ecosystem.

FCAC’s mandate is to protect financial consumers and to empower them to make informed financial decisions. 

Our role is to regulate consumer protection by supervising federally regulated financial entities, while also building financial literacy and studying trends and issues that affect Canadians’ financial decisions.

Understanding consumers’ financial challenges enables the Agency and its ecosystem partners to develop evidence‑based approaches that strengthen Canadians’ financial well‑being.

For example, in early 2023, our research was showing Canadians were struggling to manage their mortgages.  

In response, FCAC issued a supervisory guideline for banks to proactively contact mortgage holders showing signs of financial stress that could put them at risk of default.

account holders for more than 165,000 at-risk mortgages had been contacted by their banks; and