Ottawa taps Ontario regulator for new commissioner of the Financial Consumer Agency

first_img Join the conversation → Comment What you need to know about passing the family cottage to the next generation June 26, 20197:00 AM EDTLast UpdatedJune 26, 20197:00 AM EDT Filed under News FP Street Email The commission’s job is to protect consumers. The FCAC is being handed greater powers to carry out its mandate, such as the ability to levy greater fines.Brent Lewin/Bloomberg Twitter Share this storyOttawa taps Ontario regulator for new commissioner of the Financial Consumer Agency of Canada Tumblr Pinterest Google+ LinkedIn Facebook 0 Comments Reddit Sponsored By: ← Previous Next → Ottawa taps Ontario regulator for new commissioner of the Financial Consumer Agency of Canada Judith Robertson sits on the board of the Financial Services Regulatory Authority of Ontario and was an OSC commissioner advertisement More The federal government has appointed an Ontario financial regulator to fill the leadership void atop the agency charged with ensuring Canadian banks follow consumer-protection rules.Judith Robertson was named on Tuesday as the next commissioner of the Financial Consumer Agency of Canada, a job that has been vacant after the term of the organization’s previous leader expired earlier this month.Robertson currently sits on the board of directors for the Financial Services Regulatory Authority of Ontario, a new provincial watchdog, and was a commissioner for the Ontario Securities Commission from 2011 to 2017, a press release said. Canada’s financial consumer watchdog facing leadership limbo Federal financial watchdog to probe banks’ complaints-handling processes How Ottawa’s new consumer protection plans would affect banks Her five-year appointment is effective Aug. 19. The new commissioner will be paid between $242,700 and $285,500, an order-in-council said.The appointment follows the term of the FCAC’s previous commissioner, Lucie Tedesco, which expired on June 3 after two extensions past the original September 2018 expiry date. An assistant commissioner was given the authority to carry out the commissioner’s duties during the period of vacancy.Robertson’s appointment comes as Ottawa has moved to toughen up consumer protections for banking customers and as the FCAC is being handed greater powers to carry out its mandate, such as the ability to levy greater fines.The regulator also has until the end of this month to deliver both a review of how banks and external ombudsmen handle customer complaints, as well as a new code of conduct for how financial institutions deal with seniors.Moreover, the FCAC has been closely watched by consumer advocates in the wake of its landmark report on the sales practices of Canada’s biggest banks.The March 2018 report found a retail culture at the banks that increased the risk that customers would be sold unsuitable or unnecessary products, but no “widespread mis-selling” among the lenders.According to a LinkedIn page, Robertson was president and CEO of Belzberg Technologies Inc. from 2009 to 2011; she was an executive at Perimeter Financial Corp. and Markets Inc. prior to that. She had also been a managing director at Barclays Global Investors, which was acquired by BlackRock Inc.“(Robertson’s) significant experience in the financial sector makes her an ideal choice to continue FCAC’s mandate to protect Canadian consumers and promote financial literacy,” said Finance Minister Bill Morneau in the release. “I’d also like to thank Lucie Tedesco for her great work and leadership at FCAC over the past 11 years, helping Canadians stay informed and protected when it comes to their financial choices.”• Email: gzochodne@nationalpost.com | Twitter: Featured Stories Geoff Zochodne last_img read more