SHORT TITLE

Marginal note:Short title

1. This Act may be cited as the Financial Consumer Agency of Canada Act.

INTERPRETATION

Marginal note:Definitions

2. The following definitions apply in this section and in sections 3 to 34.

“Agency”

« Agence »

“Agency” means the Financial Consumer Agency of Canada established under section 3.

“bank holding company”

« société de portefeuille bancaire »

“bank holding company” means a bank holding company as defined in section 2 of the Bank Act;

“Commissioner”

« commissaire »

“Commissioner” means the Commissioner of the Agency appointed under section 4.

“consumer provision”

« disposition visant les consomma­teurs »

“consumer provision” means

• (a) paragraphs 157(2)(e) and (f), sections 413.1, 439.1 to 459.5, subsections 540(2) and (3) and 545(4) and (5), paragraphs 545(6)(b) and (c) and sections 559 to 576.2 of the Bank Act together with any regulations made under or for the purposes of those provisions;

• (b) paragraphs 167(2)(f) and (g) and sections 385.05 to 385.28 of the Cooperative Credit Associations Act together with any regulations made under or for the purposes of those provisions;

• (c) paragraphs 165(2)(f) and (g) and sections 479 to 489.2 and 598 to 607.1 of the Insurance Companies Act together with any regulations made under or for the purposes of those provisions;

• (d) paragraphs 161(2)(e) and (f) and sections 425.1 to 444.3 of the Trust and Loan Companies Act together with any regulations made under or for the purposes of those provisions; and

• (e) the provisions referred to in paragraph 17(1)(f.1) of the Green Shield Canada Act as they apply to Green Shield Canada in accordance with section 17 of that Act together with any regulations made under or for the purposes of those provisions.

“Deputy Commissioner”

« commissaire adjoint »

“Deputy Commissioner” means a Deputy Commissioner appointed under section 8.

“financial institution”

« institution financière »

“financial institution” means

• (a) a bank as defined in section 2 of the Bank Act;

• (b) an authorized foreign bank as defined in section 2 of the Bank Act;

• (c) a company to which the Trust and Loan Companies Act applies;

• (d) a retail association as defined in section 2 of the Cooperative Credit Associations Act;

• (e) a company or foreign company to which the Insurance Companies Act applies; and

• (f) Green Shield Canada.

“governing statute”

« loi d’application »

“governing statute” means

• (a) in relation to a bank or authorized foreign bank as defined in the Bank Act, that Act;

• (b) in relation to a retail association to which the Cooperative Credit Associations Act applies, that Act;

• (c) in relation to a company or foreign company to which the Insurance Companies Act applies, that Act;

• (d) in relation to a company to which the Trust and Loan Companies Act applies, that Act; and

• (e) in relation to Green Shield Canada, the Green Shield Canada Act.

“prescribed”

Version anglaise seulement

“prescribed” means prescribed by regulation.

“insurance holding company”

« société de portefeuille d’assurances »

“insurance holding company” means an insurance holding company as defined in subsection 2(1) of the Insurance Companies Act.

“Minister”

« ministre »

“Minister” means the Minister of Finance.

“penalty”

« pénalité »

“penalty” means an administrative monetary penalty.

ESTABLISHMENT OF AGENCY

Marginal note:Establishment

• 3. (1) There is hereby established an agency of the Government of Canada called the Financial Consumer Agency of Canada over which the Minister shall preside and for which the Minister shall be responsible.

• Marginal note:Objects

  (2) The objects of the Agency are to

  • (a) supervise financial institutions to determine whether they are in compliance with the consumer provisions applicable to them;

  • (b) promote the adoption by financial institutions of policies and procedures designed to implement consumer provisions applicable to them;

  • (c) monitor the implementation of voluntary codes of conduct that are designed to protect the interests of customers of financial institutions, that have been adopted by financial institutions and that are publicly available and to monitor any public commitments made by financial institutions that are designed to protect the interests of their customers;

  • (d) promote consumer awareness about the obligations of financial institutions under consumer provisions applicable to them; and

  • (e) foster, in co-operation with any department, agency or agent corporation of the Government of Canada or of a province, financial institutions and consumer and other organizations, an understanding of financial services and issues relating to financial services.

COMMISSIONER OF AGENCY

Marginal note:Appointment of Commissioner

• 4. (1) The Governor in Council shall appoint an officer to be called the Commissioner of the Financial Consumer Agency of Canada. The Commissioner has the rank and all the powers of a deputy head of a department.

• Marginal note:Tenure of office and removal

  (2) The Commissioner holds office during good behaviour for a term of not more than five years, but may be removed for cause by the Governor in Council.

• Marginal note:Further terms

  (3) The Commissioner, on the expiration of any term of office, is eligible to be re-appointed for a further term of office.

• Marginal note:Absence or incapacity

  (4) In the event of the absence or incapacity of the Commissioner, or if the office of Commissioner is vacant, the Minister may appoint a qualified person to exercise the powers and perform the duties and functions of the Commissioner, but no person may be so appointed for a term of more than 90 days without the approval of the Governor in Council.

• Marginal note:Remuneration

  (5) The Commissioner shall be paid the remuneration fixed by the Governor in Council.

• Marginal note:Expenses

  (6) The Commissioner and any person appointed under subsection (4) are entitled to be paid reasonable travel and living expenses incurred in the course of performing their duties while absent from their ordinary place of work.

• Marginal note:Deemed employment

  (7) The Commissioner and any person appointed under subsection (4) are deemed to be employed in the Public Service for the purposes of the Public Service Superannuation Act and to be employed in the public service of Canada for the purposes of the Government Employees Compensation Act and any regulations made under section 9 of the Aeronautics Act.

POWERS, DUTIES AND FUNCTIONS OF THE COMMISSIONER

Marginal note:Powers, duties and functions of the Commissioner

• 5. (1) The Commissioner has the powers, duties and functions assigned to the Commissioner by this Act and by the Acts listed in Schedule 1 and shall examine and inquire into, and report to the Minister from time to time on, all matters connected with the administration of this Act and of the consumer provisions of those other Acts.

• Marginal note:Personal information

  (2) The Commissioner may collect any personal information that he or she considers necessary in furtherance of the object described in paragraph 3(2)(a).

• Marginal note:Review re voluntary codes of conduct

  (3) The Commissioner, if a financial institution has adopted a voluntary code of conduct referred to in paragraph 3(2)(c) or made a commitment designed to protect the interests of its customers, may make or cause to be made any review that he or she considers necessary to monitor compliance with the code or the commitment, as the case may be.

• Marginal note:Respect for other monitors

  (4) When acting under subsection (3), the Commissioner shall have due regard for the role of any department, agency or agent corporation of the Government of Canada or of a province or any organization that has a role in monitoring compliance by financial institutions with voluntary codes of conduct or commitments.

• Marginal note:Consumer awareness

  (5) The Commissioner may carry on any activity that he or she considers necessary in furtherance of an object described in paragraph 3(2)(d) or (e).

Marginal note:Duties and functions generally

• 6. (1) The Commissioner shall engage exclusively in the duties and functions of the Commissioner under section 5 and as deputy head of the Agency.

• Marginal note:Other duties

  (2) Despite subsection (1), the Commissioner may hold any other office under Her Majesty or perform any other duties for Her Majesty, but not for reward.

AGREEMENTS

Marginal note:Agreements

7. The Agency, in order to carry out its objects, may enter into an agreement or arrangement with a department or agency of the Government of Canada or of a province or with any other person or body in the name of Her Majesty in right of Canada or in its own name. An agreement or arrangement with a department or agency of a province must be made with the approval of the Governor in Council.

DEPUTY COMMISSIONERS

Marginal note:Appointment of Deputy Commissioner

8. The Commissioner may appoint one or more officers each to be called a Deputy Commissioner of the Financial Consumer Agency of Canada who shall act under the instructions of the Commissioner.

EXERCISE OF POWERS, DUTIES AND FUNCTIONS

Marginal note:Exercise by personnel

9. Except as otherwise provided by the Commissioner and subject to any terms and conditions that may be specified by the Commissioner, a person who is an officer or employee of the Agency may exercise any of the powers and perform any of the duties and functions of the Commissioner under this Act if the person is appointed to serve in the Agency in a capacity appropriate to the exercise of the power or performance of the duty or function.

STAFF OF AGENCY

Marginal note:Employees

10. The employees that are necessary to enable the Commissioner to perform the duties of the Commissioner shall be appointed in accordance with the Public Service Employment Act.

Marginal note:Responsibility for personnel management

• 11. (1) In respect of persons appointed under sections 8 and 10, the Commissioner is authorized to exercise the powers and perform the duties and functions of the Treasury Board under paragraphs 7(1)(b) and (e) and section 11 of the Financial Administration Act that relate to personnel management, including the determination of terms and conditions of employment and the responsibility for employer and employee relations.

• Marginal note:Delegation of powers

  (2) The Commissioner may authorize any person employed in the public service of Canada to exercise and perform, in such manner and subject to such terms and conditions as the Commissioner directs, any of the powers and functions of the Commissioner in relation to personnel management in the public service and may, from time to time as the Commissioner sees fit, revise or rescind and reinstate the authority so granted.

• Marginal note:Sub-delegation of such powers

  (3) Any person authorized under subsection (2) to exercise and perform any of the powers and functions of the Commissioner may, subject to and in accordance with the authorization, authorize one or more persons under their jurisdiction or any other person to exercise or perform any such power or function.

Marginal note:Official Languages Act

12. For greater certainty, the Official Languages Act applies to the Agency.

APPROPRIATION

Marginal note:Expenditures out of C.R.F.

• 13. (1) Subject to subsection (2), the Minister may, in any fiscal year on terms and conditions — including the rate of interest, if any — that are determined by the Minister, advance amounts out of the Consolidated Revenue Fund to the Agency to permit it to defray its costs of operation.

• Marginal note:Spending authority

  (2) In carrying out its responsibilities, the Agency may spend assessments and other revenues received through the conduct of its operations in the fiscal year in which they are received or, unless an appropriation Act provides otherwise, in the next fiscal year. The amount of those assessments or other revenues shall be paid out of the Consolidated Revenue Fund.

CONFLICT OF INTEREST

Marginal note:Ownership

14. No Commissioner, person appointed under subsection 4(4) or Deputy Commissioner shall beneficially own, directly or indirectly, any shares of any financial institution, bank holding company, insurance holding company or of any other body corporate, however created, carrying on any business in Canada that is substantially similar to any business carried on by any financial institution.

Marginal note:Borrowing

15. No Commissioner, person appointed under subsection 4(4) or Deputy Commissioner shall borrow money from any financial institution or from any member institution as defined in the Canada Deposit Insurance Corporation Act unless the Minister is first informed in writing of the intention of the Commissioner, person or Deputy Commissioner to do so.

Marginal note:No grant or gratuity to be made

• 16. (1) The Commissioner, a person appointed under subsection 4(4), a Deputy Commissioner and any person appointed under section 10 shall not accept or receive, directly or indirectly, any grant or gratuity from a financial institution, bank holding company, insurance holding company, or from a director, officer or employee of any of them, and no such financial institution, bank holding company, insurance holding company, director, officer or employee shall make or give any such grant or gratuity.

• Marginal note:Offence and punishment

  (2) Every person, financial institution, bank holding company or insurance holding company that contravenes subsection (1) is guilty of an offence and liable

  • (a) on summary conviction, to a fine of not more than $2000 or to imprisonment for a term of not more than six months or to both; or

  • (b) on conviction on indictment, to a fine of not more than $10,000 or to imprisonment for a term of not more than five years or to both.

CONFIDENTIALITY

Marginal note:Confidential information

• 17. (1) Subject to subsection (2) and except as otherwise provided in this Act, information regarding the business or affairs of a financial institution or regarding persons dealing with one that is obtained by the Commissioner or by any person acting under the direction of the Commissioner, in the course of the exercise or performance of powers, duties and functions referred to in subsections 5(1) and (2) and any information prepared from that information, is confidential and shall be treated accordingly.

• Marginal note:Disclosure permitted

  (2) If the Commissioner is satisfied that the information will be treated as confidential by the agency, body or person to whom it is disclosed, subsection (1) does not prevent the Commissioner from disclosing it

  • (a) to any government agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision;

  • (b) to any other agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision;

  • (c) to the Canada Deposit Insurance Corporation or any compensation association designated by order of the Minister pursuant to subsection 449(1) or 591(1) of the Insurance Companies Act, for purposes related to its operation; and

  • (d) to the Deputy Minister of Finance or any officer of the Department of Finance authorized in writing by the Deputy Minister of Finance or to the Governor of the Bank of Canada or any officer of the Bank of Canada authorized in writing by the Governor of the Bank of Canada, for the purposes of policy analysis related to the regulation of financial institutions.