The name Financial Consumer Agency of Canada (FCAC www.fcac-acfc.gc.ca ) conjures up an image of an Agency focused on the protection of financial consumers. As an agency of the federal government, it investigates complaints about financial institutions under federal jurisdiction. These institutions include all banks and all federally incorporated or registered insurance, trust and loan companies, and co-operative credit associations.
FCAC is not responsible for credit unions, finance companies, mutual fund dealers, securities
dealers and other financial institutions that fall under provincial jurisdiction .Anything to do with
stocks, bonds or mutual funds is still the responsibility of provincial securities regulators and
authorized SRO’s such as the IIROC www.iiroc.ca and the MFDA www.mfda.ca . But a limited
number of provisions related to Principal Protected Notes do fall under their auspices when
issued by a federally regulated bank or insurance company
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