FCAC launches a new on-line tool to answer consumers’ financial questions

Popular questions about financial products and services answered

OTTAWA, April 12, 2006 – The Financial Consumer Agency of Canada (FCAC) today announced the launch on its Web site of a new searchable database of Frequently Asked Questions (FAQs), to help Canadian consumers find the answers to commonly asked questions about financial products and services.

“If a consumer has a question about financial services or banking, it may well be that someone else has asked the same question before,” said FCAC Commissioner Bill Knight. “Our new on-line tool can help Canadian consumers find the information they are looking for when it comes to financial services and products, and also find out about their rights and responsibilities when dealing with federally regulated financial institutions.”

The questions and answers in the database are based on thousands of questions, comments and complaints from consumers that FCAC responds to every year through its Consumer Contact Centre. The new FAQ database encompasses a wide variety of financial topics — from bank accounts to credits cards, to insurance, investments, personal loans and mortgages.

“Our new searchable database gives consumers a way to get access to useful and objective information that can help them make informed decisions regarding financial products and services,” adds Knight.

Consumers will be able to search FCAC’s FAQ database by keyword, by category or by sub-category, as well as view all of the questions and answers in the database, if they wish to do so. Consumers can also look at the top five “Most viewed” or “Latest added” questions. In addition, the Agency’s database provides a list of related questions, and links to other helpful resources that consumers may want to consult.

FCAC will update its database on a regular basis. The Agency invites consumers to submit any questions that are not listed and which could be included in future upgrades.

To consult FCAC’s FAQ database, visit the Agency’s Web site at: www.fcac.gc.ca and go to the “For Consumers” section. The Agency also publishes a variety of useful publications that consumers can download from its Web site and that are also available to the public, free of charge, by calling FCAC’s Consumer Contact Centre, toll-free, at: 1-866-461-3222.

FCAC ensures compliance with the consumer protection laws, codes of conduct and public commitments that apply to banks and federally incorporated trust, loan and insurance companies. FCAC also provides consumers with accurate and objective information about financial products and services, and informs Canadians of their rights and responsibilities when dealing with federally regulated financial institutions.

- 30 -

Media contacts:
John Kane Communications Officer (613) 941-8988 kane.john@fcac.gc.ca	Martine Bélanger Media Relations Officer (613) 941-8982 belanger.martine@fcac.gc.ca