Statement by FCAC Commissioner Benzvy Miller on FCAC’s commitment to regulatory efficiency

Statement by FCAC Commissioner Benzvy Miller on FCAC’s commitment to regulatory efficiency

Protecting the rights and interests of Canadian consumers of financial products and services is FCAC’s primary priority. Regulatory efficiency and transparency are essential to fulfilling this mandate and are hallmarks of an effective regulator. They inform FCAC’s commitment to proactive, risk-based and outcome-driven supervision of the entities we oversee.

By clearly communicating our expectations, interpretations and guidance, regulated entities understand precisely what is required of them. This clarity fosters compliance, supports a competitive and predictable industry environment, and ultimately protects consumers by preventing problems before they arise.

FCAC is focused on ensuring consumers benefit from the protections in laws, codes of conduct and public commitments, while continually working to modernize its supervisory oversight and reduce unnecessary burden for regulated entities. Our efforts are aligned with the Government of Canada’s Red Tape Review initiative. 

Key milestones in FCAC’s regulatory efficiency agenda

Since the implementation of new powers for FCAC in 2020, and the implementation of the new and enhanced protections for bank customers in 2022, the Agency has pursued a continuous improvement approach aimed at making regulatory oversight more responsive, transparent and efficient. This commitment is reflected in several key initiatives that help strengthen consumer protection while reducing unnecessary burden for regulated entities: