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Ecosystem Priority Details
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18% of Canadian investors did not submit a formal complaint when they had concerns about their investment accounts, citing "nothing would come of it" as a top reason.
Initiative: Investor Survey
20% of Canadian investors do not know whom to contact if they want to make a formal complaint.
Initiative: Investor Survey
40% of Canadian investors think industry disclosures are adequate.
Initiative: Investor Survey
Awareness remains highest among consumers that a bank cannot issue a credit card without the client’s prior approval (78%, unchanged from 2019).
Initiative: Survey of Consumers' Awareness of their Financial Rights and Responsibilities
Awareness remains highest among consumers that banks are required to provide easy-to-understand information on the cost of financial products and services they offer (81%, unchanged from 2019).
Initiative: Survey of Consumers' Awareness of their Financial Rights and Responsibilities
Awareness remains lowest among consumers that credit card protection insurance does not always cover the outstanding balance on their card (32% are aware, which is not a statistically significant change since 2019).
Initiative: Survey of Consumers' Awareness of their Financial Rights and Responsibilities
Consumers' understanding that a bank cannot increase their credit card limit without their approval has declined since 2019 (down 3 points to 57% versus 60%).
Initiative: Survey of Consumers' Awareness of their Financial Rights and Responsibilities
Consumers' understanding that they do not have to agree to credit card protection when applying for a card has declined since 2019 (down 5 points to 64% versus 69%).
Initiative: Survey of Consumers' Awareness of their Financial Rights and Responsibilities
Fewer than 10% of Canadians reported using a Buy-Now-Pay-Later service during 2021. Among them, few made a complaint or tried to resolve a dispute with a financial service provider, or reported their experience of the dispute-resolution process.
Initiative: Pilot Study: Buy Now, Pay Later Services in Canada
In Ontario, 48% of mortgage brokerage users and 59% of health and life insurance users indicated they did not know their rights and protections related to these financial products.
Initiative: 2022 Consumer Research Study
In Ontario, few consumers who report experiencing issues make a formal complaint. Among those who chose not to complain, many did not believe complaining would make a difference.
Initiative: 2022 Consumer Research Study
Just over half of Canadians (55%) said they are aware the Government of Canada has a department or agency dedicated to protecting its financial consumers. Among the rest, approximately one-third (35%) did not know and 10% said no there is no such department or agency.
Initiative: Survey of Canadians' Use of Banking Products and Services
Seniors (68%) were more likely than non-seniors (62%) to agree that bank employees have the knowledge and skills to help them identify signs of financial abuse, fraud, or scams.
Initiative: Survey on Banking of Canadians
2022 Consumer Research Study
The Consumer Research study, that consisted of 4,000 adults from Ontario, provides an important opportunity for FSRA to better understand consumer attitudes (e.g., trust, satisfaction), engagement with regulated financial services (e.g., consumer knowledge, behaviours), and consumer characteristics, including vulnerability. The study will enable FSRA to, over time, monitor the impact of market changes, industry responses, and regulatory efforts on consumers, members, and beneficiaries.
Investor Survey
The objective of the national investor survey is to help CIRO understand the attitudes, knowledge, beliefs and behaviours of Canadians, particularly Canadian investors.
OBSI programs
Share insights, experience and statistical information with regulators, government, industry and consumer groups to help inform public policy decisions.
Adopter: Ombudsman for Banking Services and Investments
Pilot Study: Buy Now, Pay Later Services in Canada
The Pilot Study: Buy Now, Pay Later Services in Canada is a survey from the Financial Consumer Agency of Canada. It aimed to broaden the Agency's understanding of the buy now, pay later market in Canada, from the perspective of Canadian consumers.
Survey of Canadians' Use of Banking Products and Services
The Survey of Canadians’ Use of Banking Products and Services is designed to collect information during the pandemic about how Canadians are consuming financial products during the pandemic and to what extent they are accessing COVID-19-related financial assistance offered by the banks.
Survey of Consumers' Awareness of their Financial Rights and Responsibilities
The Survey of Consumers' Awareness of their Financial Rights and Responsibilities gathers evidence of certain financial rights and responsibilities, highlights potential gaps in consumers’ awareness of certain financial risks identified in the Financial Consumer Agency of Canada's industry review of bank sales practices, and assesses results against the baseline established in 2019.
Survey on Banking of Canadians
The Survey on Banking of Canadians assesses the banking experiences of older Canadians as well as to identify challenges and potential solutions.
Your Money Seniors
Free, non commercial financial literacy education seminars designed to help Canadians gain an understanding of responsible financial management and achieve financial well-being. The seminars are presented by volunteer bankers in communities across Canada in English and French and are available both virtually and in-person.
Ombudsman for Banking Services and Investments
Ombudsman for Banking Services and Investments (OBSI) resolves disputes between participating banking services and investment firms and their customers if they can't solve them on their own.
Disclaimer
Disclaimer: The Financial Consumer Agency of Canada does not endorse, directly or indirectly, any adopters of the Measurement Plan, nor does it make any representations or warranties, express or implied, concerning the adopters' products or services or their fitness for a particular purpose.
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