Financial Consumer Agency of Canada sets out regulatory efficiency agenda with streamlined guidance, risk-based assessments and automated reporting

The Financial Consumer Agency of Canada published a statement by Commissioner Benzvy Miller outlining how the agency is pursuing regulatory efficiency and transparency in its market conduct supervision, with the aim of protecting consumers while reducing unnecessary burden for regulated entities. The statement frames this as part of FCAC’s proactive, risk-based and outcome-driven oversight and aligns the work with the Government of Canada’s Red Tape Review initiative. FCAC pointed to initiatives since the introduction of its expanded powers in 2020 and enhanced bank customer protections in 2022, including regular review and streamlining of guidelines and bulletins to clarify expectations, tailored compliance assessments focused on higher-risk consumer protection issues, and a digital transformation program to standardize and automate regulatory reporting through expanded use of a secure portal and improved data integration. It also described a recalibrated enforcement approach that uses triage to prioritize cases by severity of non-compliance and potential consumer impact, and noted that regulatory plans and activities are communicated through supervisory engagements, collaboration with federal partners on the Financial Institutions Supervisory Committee, and public reporting via annual business plans and annual reports.