Appearance before the Standing Committee on Finance (July 7, 2020): Policy options working group
Issue
In response to the COVID-19 pandemic, FCAC contributed to the Government of Canada’s policy response in a coordinated, coherent and timely manner. In March 2020, FCAC formed a cross-functional policy options working group. The group’s purpose was to identify challenges and gaps facing financial consumers, and to recommend potential policy responses aligned with FCAC’s mandate.
Background
The cross-functional policy options working group included members from FCAC’s supervision, research, policy and education divisions. The group communicated with officials from the Department of Finance on a regular basis.
The working group’s efforts complemented supervisory staff's engagements with the financial industry to gather intelligence on operational impacts and challenges faced by bank clients.
Data/Quick facts
The working group’s activities and outputs include:
- monitoring and reporting on issues and challenges facing financial consumers through insights provided by 18 Financial Literacy networks across Canada
- conducting research through surveys on the impacts on financial well-being and banking behaviours, including the use of financial relief measures
- exploring options to refer Canadians to supports from public, private and non-profit sources
Key messages
- The policy options working group demonstrates how FCAC contributes to the Government of Canada’s response to COVID-19.
- FCAC applies a consumer lens to policy issues.
- The Agency complements the efforts of other financial regulators through insights from original research and intelligence from a vast network of stakeholders working directly with Canadians.
Page details
- Date modified: