The Financial Consumer Agency of Canada will soon have more power to protect consumers, the Financial Post reports.
FCAC oversees federally-regulated financial institutions, like banks, insurers and trusts. It’s responsible for educating and protecting consumers.
Soon, it will also be responsible for enforcing a tougher code of conduct for financial businesses, reports FP. The government has yet to finalize the code, but it’s expected to set out service standards for the industry.
FCAC is also reviewing financial documents to see if more contracts can be put into plain language to help consumers.
Read more here.