Opening statement to the Standing Senate Committee on Banking, Commerce and the Economy (BANC) by Commissioner Shereen Benzvy Miller

Opening statement to the Standing Senate Committee on Banking, Commerce and the Economy (BANC) by Commissioner Shereen Benzvy Miller, on February 4, 2026, in Ottawa, Ontario.

Good evening, Mr. Chair and members of the Committee.

Thank you for the opportunity to appear before you today.

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 Research, Policy and Education, Dr. Manon Bombardier, and Deputy Commissioner of Supervision and Enforcement, Frank Lofranco.

We welcome the chance to contribute to the Committee’s study of Bill C-15.

Let me begin with a brief overview of our mandate and some of our recent work.

Our mission is to foster trust in Canada’s financial system by protecting financial consumers and empowering them to make informed decisions.

Our work helps keep the financial system safe, fair, and strong for everyone.

This is a role we share with our regulatory partners, such as the Office of the Superintendent of Financial Institutions, which is responsible for prudential regulation.

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

In addition to our supervisory role, FCAC leads and works with stakeholders across the country on the National Strategy for Financial Literacy.

At the heart of our work is a commitment to preventing harm to consumers. This principle guides our research, policy, and financial literacy efforts, and is the focus of our proactive supervision of the industry.

We use data to identify risk, research to understand risk, supervision to address risk — and, when needed, we act swiftly.