EP331 Financial Literacy Month with FCAC

In this Financial Literacy Month special of Young Money, we’re joined by Rana Abu-Naameh, Director General of Supervision at the Financial Consumer Agency of Canada (FCAC). With her extensive background in public service and financial oversight, Rana sheds light on how FCAC protects consumer rights and enhances financial literacy across Canada.

Listen in as Rana dives into the critical aspects of FCAC’s mandate, focusing particularly on the streamlined consumer complaint handling process. She explains the steps consumers should take if they have grievances with financial products or services, detailing both the internal and external complaint processes. Rana also highlights the recent legislative changes that strengthen consumer protections, including mandated electronic alerts to help Canadians manage their banking more effectively.

“If you’re frustrated with the situation, don’t just sit with it. There is a process to protect you.” – Rana Abu-Naameh

This Week on Young Money:

• An overview of FCAC’s role and its impact on financial consumer protection in Canada.
• A detailed explanation of the consumer complaint handling process.
• Insights into recent enhancements in financial consumer protection laws.

Key takeaways:

1. Understand how to effectively lodge and escalate complaints within the financial system.
2. Learn about your rights as a consumer when dealing with financial institutions.
3. Discover the tools and resources provided by FCAC to enhance your financial literacy and safeguard your interests.

Connect with Rana Abu-Naameh:

• LinkedIn

Resources Mentioned:

• External complaints bodies: know your rights – Canada.ca
• One external complaints body for banking – Canada.ca
• Filing a complaint about financial products and services – Canada.ca
• FCAC (LinkedIn)
• To learn more about FCAC, visit: https://www.canada.ca/en/financial-consumer-agency/corporate/about.html

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