Financial Regulators Cracking Down on Compliance in Canada

The Financial Consumer Agency of Canada (FCAC) is taking a proactive approach to ensure federally regulated financial institutions and payment card network operators are complying with the rules. In this effort, the Office of the Superintendent of Financial Institutions’ (OSFI) website plays a crucial role by maintaining a comprehensive list of Canadian financial institutions subject to federal oversight.

Compliance Scrutiny

While FCAC’s primary focus is on federally regulated financial institutions, its scope extends beyond that. The agency also closely examines payment card network operators to determine their compliance with the following regulations:

• Payment Card Networks Act: A comprehensive law governing the payment card industry in Canada.
• Code of Conduct for Credit and Debit Card Industry in Canada: A set of guidelines outlining ethical standards for payment card network operators.

Key Players in the Canadian Payment Card Market

Some of the world’s largest payment card network operators are currently operating in Canada, including:

• [List of payment card network operators currently operating in Canada]

By keeping a close eye on these key players, FCAC aims to ensure that they are adhering to the regulatory requirements and providing transparent and fair services to consumers.