FCAC, IIROC collaborating to better protect consumers

FCAC, IIROC collaborating to better protect consumers

FCAC, IIROC collaborating to better protect consumers The Financial Consumer Agency of Canada (FCAC) and the Investment Industry Regulatory Organization of Canada (IIROC) have signed a memorandum of understanding to strengthen protection for consumers and investors.

Under the MOU, the two regulators will assist each other and share information to help regulate entities and individuals under their jurisdiction. The MOU is also expected to facilitate compliance with and enforcement of laws, rules, and requirements that they each impose on those they regulate.

“Collaborating and sharing information with regulatory partners such as the Investment Industry Regulatory Organization of Canada will help us keep pace with emerging trends and issues so that we can better protect financial consumer,” said FCAC Commissioner Lucie Tedesco.

FCAC works to ensure that financial entities under federal regulation are compliant with consumer protection measures, and that consumers are financially educated and aware of their rights and responsibilities.

“We are pleased to partner with FCAC and other regulators across the country to ensure compliance with our rules and to ensure that those we regulate cannot avoid sanctions and continue working in another area of the financial services industry,” said IIROC President and CEO Andrew Kriegler.

IIROC has entered into similar agreements with more than a dozen Canadian and international regulators, including the Financial Services Commission of Ontario (FSCO) and the Chambre de la sécurité financière in Quebec. The organization has also signed information-sharing agreements with insurance regulators in Alberta, British Columbia, and Saskatchewan.


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