In an opening statement to the Standing Committee on Finance's study of household debt, Financial Consumer Agency of Canada Commissioner Shereen Benzvy Miller said the agency's research shows many Canadians are under financial strain, with 40 percent reporting that their debt increased in 2025, up from 35 percent in 2020. Nearly two-thirds said they are carrying non-mortgage debt, with parents and those aged 35 to 54 the most indebted. Against that backdrop, the Commissioner outlined FCAC's role in supervising federally regulated financial entities, promoting financial literacy, and using research to support consumer protection policy. The statement pointed to FCAC's 2023 supervisory guideline requiring banks to proactively contact mortgage holders showing signs of financial stress. As of December 2025, banks had contacted account holders for more than 165,000 at-risk mortgages, and Canadians had avoided more than CAD 7.85 million in late-payment penalties and fees. The Commissioner also highlighted FCAC's oversight of disclosure for products such as credit cards, mortgages, and lines of credit, noting that since 2024 more than CAD 130 million has been reimbursed to consumer and business accounts and that regulated entities have paid nearly CAD 27 million in penalties over the last three years for consumer protection violations. She linked FCAC research to broader policy changes including the Financial Consumer Protection Framework in the Bank Act, the modernized Commitment on Low-Cost and No-Cost Accounts, and the new CAD 10 cap on non-sufficient funds fees. FCAC said it is preparing a report on the structure, level, and transparency of fees charged by Canadian banks to support the Department of Finance's work on competition and innovation in banking. It is also reviewing banks' implementation of the legislative requirement to offer financial products and services that are appropriate for consumers' needs and circumstances.
Financial Consumer Agency of Canada2026-04-14
Financial Consumer Agency of Canada tells finance committee 40 percent of Canadians increased debt in 2025 and highlights more than CAD 130 million in reimbursements since 2024
The Financial Consumer Agency of Canada told the Standing Committee on Finance that its research shows rising household debt and widespread non-mortgage borrowing, particularly among parents and Canadians aged 35 to 54, and outlined its supervisory, literacy and policy roles. The agency reported outcomes from its 2023 guideline requiring banks to contact at-risk mortgage holders, including outreach on more than 165,000 mortgages and avoidance of CAD 7.85 million in late-payment penalties and fees, as well as over CAD 130 million reimbursed to consumers. FCAC is preparing a report on bank fee structures to inform the Department of Finance’s work on competition and innovation and is reviewing banks’ implementation of legislative requirements to offer appropriate products and services.