The Financial Consumer Agency of Canada (FCAC) is facing harsh criticism from the Senate banking committee for its ineffectiveness in assisting consumers. Blacklock's Reporter says according to Access to Information records, the Agency did not respond to any of the 27,323 consumer complaints it received since 2019.“I have dealt with the Agency a little bit when people complain and we do research for them,” said Sen. Paul Massicotte (Que.). “It was a disaster.”Massicotte further accused the Agency of having “a bias toward the banks and not the customer.” He urged the Agency's managers to acknowledge the problems consumers face.Established by Parliament in 2001, the Financial Consumer Agency Of Canada Act mandates the FCAC to "strive and protect the rights and interests of consumers" and to "strengthen consumer protection and the public’s confidence," including addressing complaints. However, records indicate that the Agency merely directed Canadians who sought help to contact their bankers via form letters.Despite this, Werner Liedtke, the interim commissioner of the FCAC, defended the Agency’s role, claiming it to be "a leader and innovator in financial consumer protection." Liedtke omitted any mention of the 27,323 ignored complaints in his testimony before the banking committee.“The Agency has a large amount of experience with financial institutions,” said Liedtke. “We regulate a number of financial industries including the banks, trust and loan companies, insurance companies and payment card networks. Our supervision enforcement is in constant contact.”Senators expressed skepticism about these claims. “The Agency’s lack of involvement in the area of consumer fraud through bank accounts, where people are having money stolen through nothing that either they or their bank did wrong, causes me to have concern,” said Sen. Colin Deacon (N.S).Sen. Hassan Yussuff (Ont.), former president of the Canadian Labour Congress, echoed this sentiment, describing the Agency’s performance as mediocre. “Listening to consumers’ general views when they get coverage in national media, they’re not exactly pleased with the job you’re doing currently in regard to their experience with banks,” said Yussuff.Sen. Pierrette Ringuette (N.B.) criticized the FCAC for functioning more like a publicist than an ombudsman. “I slowly got to know what you were doing or not doing,” said Ringuette. “Basically you’re a marketing Agency for this consumer awareness campaign.”“I have extreme difficulty in seeing your Agency being an enforcement body,” continued Ringuette. “You’re not geared to that. You’ve not been geared to that for the last 20 years.”In response, Liedtke stated, “I am not sure I am in complete agreement with a lot of observations. We are not a marketing firm.”
The Financial Consumer Agency of Canada (FCAC) is facing harsh criticism from the Senate banking committee for its ineffectiveness in assisting consumers. Blacklock's Reporter says according to Access to Information records, the Agency did not respond to any of the 27,323 consumer complaints it received since 2019.“I have dealt with the Agency a little bit when people complain and we do research for them,” said Sen. Paul Massicotte (Que.). “It was a disaster.”Massicotte further accused the Agency of having “a bias toward the banks and not the customer.” He urged the Agency's managers to acknowledge the problems consumers face.Established by Parliament in 2001, the Financial Consumer Agency Of Canada Act mandates the FCAC to "strive and protect the rights and interests of consumers" and to "strengthen consumer protection and the public’s confidence," including addressing complaints. However, records indicate that the Agency merely directed Canadians who sought help to contact their bankers via form letters.Despite this, Werner Liedtke, the interim commissioner of the FCAC, defended the Agency’s role, claiming it to be "a leader and innovator in financial consumer protection." Liedtke omitted any mention of the 27,323 ignored complaints in his testimony before the banking committee.“The Agency has a large amount of experience with financial institutions,” said Liedtke. “We regulate a number of financial industries including the banks, trust and loan companies, insurance companies and payment card networks. Our supervision enforcement is in constant contact.”Senators expressed skepticism about these claims. “The Agency’s lack of involvement in the area of consumer fraud through bank accounts, where people are having money stolen through nothing that either they or their bank did wrong, causes me to have concern,” said Sen. Colin Deacon (N.S).Sen. Hassan Yussuff (Ont.), former president of the Canadian Labour Congress, echoed this sentiment, describing the Agency’s performance as mediocre. “Listening to consumers’ general views when they get coverage in national media, they’re not exactly pleased with the job you’re doing currently in regard to their experience with banks,” said Yussuff.Sen. Pierrette Ringuette (N.B.) criticized the FCAC for functioning more like a publicist than an ombudsman. “I slowly got to know what you were doing or not doing,” said Ringuette. “Basically you’re a marketing Agency for this consumer awareness campaign.”“I have extreme difficulty in seeing your Agency being an enforcement body,” continued Ringuette. “You’re not geared to that. You’ve not been geared to that for the last 20 years.”In response, Liedtke stated, “I am not sure I am in complete agreement with a lot of observations. We are not a marketing firm.”
