January 07, 2020
A piece written by Torys’ Financial Services and Consumer Protection team has been featured in an article by the Financial Post regarding the expected increase in activity from the Financial Consumer Agency of Canada as it moves to enforce new measures.
The Financial Post article discusses how the FCAC will “continue implementing a new supervision framework and keep building its ‘capacity to discharge its oversight and enforcement responsibilities’.”
The 2019–2020 business plan of the FCAC said it would “give increased focus to proactively identifying emerging risks before they affect consumers and to communicating with financial entities to help them achieve and maintain compliance.”
Our team’s thought leadership on the issue preempted this sentiment from the FCAC. The Post quoted “Financial institutions should expect more enforcement”—released in October 2019 and written by Brigitte Goulard, Gillian Dingle and Marissa Daniels—which pointed to increased enforcement activity based on initiatives and activities of FCAC around the time of writing the piece.
“In the last few weeks, we have been retained by clients who have received proposed notices of breaches and we expect more are likely to be received later this year,” it said.
The article was released as a part of the Q4 Torys Quarterly.