I am pleased to present the 2021–2022 Business Plan for the Financial Consumer Agency of Canada (FCAC). It provides information on our planned activities and the results we expect to achieve during the upcoming fiscal year.
This has been a difficult time for all CanadiansAhmedabad Stock. The public health crisis caused by the COVID-19 pandemic has impacted all of us in some way. At FCAC, we took early action to keep our employees safe and well-supported. We also adjusted our priorities to continue moving our important work forward. As this report demonstrates, we have also committed to new initiatives to monitor and better understand the impact of the COVID-19 pandemic on the activities of regulated entities and the financial situation of Canadians.
Of particular interest to us has been the way the pandemic has created financial hardships and uncertainty for Canadians, especially the most vulnerable. The pandemic has also accelerated trends in today’s increasingly complex financial sector. They include the digital transformation of banking services and products, and the emergence of new technologies that create both opportunities and risks for consumersNew Delhi Investment. This unpredictable and shifting landscape has made the Agency’s consumer protection mandate more important than ever.
Over the past year, FCAC engaged in a significant corporate planning exercise that took into account the current environment and past lessons. The outcome is an ambitious Strategic Plan for 2021-2026 that we will publish during this calendar year. It has four strategic goals:
To be the national leader in financial consumer protection, through the effective supervision of banks and other regulated entities, and contribution to policy formulation.
To strengthen financial literacy of Canadians for an increasingly digital world, through educational tools and resources, research, experimentation and stakeholder collaboration and partnerships that help foster informed financial behaviours and decision-making.
To be the authoritative source for Canadian financial consumer information, through the development of unbiased and evidence-based financial consumer information.
To enable the future of work, by investing in the Agency’s people and enabling a culture of innovation, collaboration, and excellence.
These strategic goals will drive our success over the next five years. They will add fresh impetus to our research and consumer education work, bolster our risk-based approach to supervising banks and other regulated entities, and enable a culture of innovation, collaboration and excellence at the Agency.
In October 2021, the Agency will mark its 20th anniversary. This is an opportunity for us to celebrate and reflect upon the progress made over the past two decades to protect consumers and strengthen the financial literacy of Canadians. A great deal has been achieved, and it is an honour to lead a forward-thinking organization with an impressive history.
I am confident that FCAC’s 2021–2022 Business Plan will enable us to meet the high expectations we have set for ourselves. As always, we invite feedback on our priorities and, together with our many stakeholders and partners, we look forward to building on the strong foundation created by the Agency over the past 20 years.
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