Latest news with #FCAC
Forbes
4 days ago
- Business
- Forbes
The Importance Of Financial Literacy In Wealth Building
Financial literacy is not just a valuable asset; it's a necessity for sustainable wealth building. Understanding how to budget, invest, and manage debt empowers Canadians to make informed decisions and secure their financial futures. Whether saving for a home, funding a child's education, or preparing for retirement, financial literacy is the cornerstone of financial stability and long-term growth. Building wealth is about understanding how to manage what you have wisely. What is Financial Literacy? Financial literacy involves understanding basic financial concepts such as saving, investing, credit, debt management, taxation, and retirement planning. According to the Financial Consumer Agency of Canada (FCAC), financial literacy includes the ability to make informed decisions about financial products and services and to plan for short- and long-term goals. With this knowledge, Canadians can better navigate everyday financial situations and avoid pitfalls. Why Financial Literacy Matters in Wealth Building Financial literacy is crucial to wealth building for several reasons: With the proper financial education and astute planning, Canadians will be more financially resilient to withstand economic downturns, inflation, or unexpected expenses. Real-Life Application and Generational Impact Financial literacy isn't just about theory; it's about practical application. A financially literate individual knows how to compare mortgage rates, evaluate investment funds, and choose insurance policies that fit their needs. They understand compound interest, credit scores, and the cost of borrowing. This knowledge leads to better day-to-day decisions and long-term financial planning. Moreover, financially literate individuals can pass their knowledge on to the next generation. Teaching children and teens about saving, budgeting, and investing early creates a culture of responsible financial behaviour. This generational transfer of financial wisdom can lead to long-term benefits for families and communities across the country. Practical Steps to Improve Financial Literacy Improving financial literacy starts with accessible education and intentional action. Here are ways to enhance your financial skills: Empowerment Through Financial Knowledge Financial literacy equips Canadians to handle financial challenges and build a secure future. It fosters confidence, resilience, and independence. With rising living costs, evolving job markets, and increasing personal debt, the ability to make wise financial decisions is more important than ever. Financial knowledge empowers individuals to pursue their goals, whether homeownership, travel, entrepreneurship, or retirement goals. It also enhances mental health by reducing anxiety associated with financial uncertainty. By investing in your financial education, you can make informed decisions that lead to long-term prosperity, intergenerational stability, and financial peace of mind. Financial literacy equips Canadians to handle financial challenges and build a secure future. It fosters confidence, resilience, and independence. With rising living costs, evolving job markets, and increasing personal debt, the ability to make wise financial decisions is more important than ever. Financial knowledge empowers individuals to pursue their goals, whether homeownership, travel, entrepreneurship, or retirement goals. It also enhances mental health by reducing anxiety associated with financial uncertainty. By investing in your financial education, you can make informed decisions that lead to long-term prosperity, intergenerational stability, and financial peace of mind.
Cision Canada
31-07-2025
- Business
- Cision Canada
FCAC calls on banks to improve handling of consumer complaints Français
OTTAWA, ON, /CNW/ - Today, the Financial Consumer Agency of Canada (FCAC) published the findings of a report on the complaint-handling procedures of small and medium-sized banks in its Supervisory Highlight: Thematic Review on Complaint Handling. While the small and medium-sized banks that were assessed in FCAC's review took steps towards meeting the new requirements for complaint handling under the Financial Consumer Protection Framework (the Framework), FCAC found several areas for improvement. For example, the banks reviewed did not treat all expressions of dissatisfaction from consumers as complaints. FCAC also found that the banks did not always deal with complaints within the prescribed period of 56 calendar days after the day on which the complaint was received. In addition, complaint records submitted by the banks to FCAC often lacked required information. Each of the banks involved in the review has been informed of the findings specific to their institution and is required to take corrective actions. FCAC will monitor their response to make sure that they comply with the complaint handling requirements. FCAC expects all federally regulated banks to review their complaint-handling procedures to assess their own compliance with the requirements and address any issues or deficiencies in a timely manner. Consumers have the right to file a complaint if they have a problem with their bank. In 2022, the federal government strengthened the rules around complaint handling under the Framework to make the process more effective, timely and accessible for consumers. This includes introducing a 56-day timeline for banks to deal with complaints and establishing that banks must treat all expressions of dissatisfaction with a bank product or service as a complaint. FCAC supervises banks' compliance with their complaint handling obligations. The Agency focused its most recent review on small and medium-sized banks because they were identified as being at a higher risk of having issues with implementing the new complaint handling measures under the Framework. Quote "The Financial Consumer Agency of Canada puts the rights and interests of Canadians first, and that includes their right to file a complaint with their bank. Effective and timely complaint handling is a cornerstone of trust in our financial system. That's why I expect all banks to resolve complaints within the required timeframe and support consumers throughout the process. FCAC will continue to actively supervise and enforce compliance with these important consumer protection measures, and with all the obligations under the Financial Consumer Protection Framework." Shereen Benzvy Miller, Commissioner, Financial Consumer Agency of Canada Quick facts The Financial Consumer Agency of Canada protects Canadians by supervising the compliance of federally regulated financial entities, such as banks, with their legislative obligations, codes of conduct and public commitments, and by strengthening Canadians' financial literacy. The Financial Consumer Protection Framework (the Framework), introduced in 2022, was a milestone in consumer protection in Canada and includes more than 60 new and enhanced consumer protection measures. A consumer can escalate their complaint to the Ombudsman for Banking Services and Investments if the complaint is not resolved by the bank to the consumer's satisfaction or if 56 days have passed since the consumer's complaint was first communicated to their bank. For its review of the implementation of the complaints handling requirements under the Framework, FCAC selected 6 small and medium-sized banks that provided a representative sample of size, business models and regional presence. FCAC's report in 2020 on the complaint-handling procedures of banks informed the new and enhanced measures introduced under the Framework. FCAC's Consumer Information Centre responds to enquiries and provides information to consumers of financial products and services. If a consumer has a problem with a bank, they must file a complaint with them directly.
Associated Press
27-06-2025
- Automotive
- Associated Press
Air is Money: Underinflated Tires Cost U.S. Drivers $18.6B Each Year, Firestone Estimates
NASHVILLE, Tenn., June 27, 2025 /PRNewswire/ -- American drivers overspend approximately $18.6 billion annually on fuel because nearly half are driving on underinflated tires, according to a report released today by Firestone Complete Auto Care (Firestone)1. As summer driving season begins, the company estimates drivers could take an extra 500-mile road trip with the money they may save by properly inflating their tires each year2. The survey from America's largest network of automotive service providers is based on data collected from the 9.7 million cars serviced at the more than 1,800 Firestone stores between June 2024 and March 20253. Underinflated tires can increase rolling resistance, which may require a vehicle to use more gas to move forward. Underinflation could also result in accelerated tire wear and increased vehicle emissions. 'Paying attention to your tires saves money, helps the planet, and keeps you safer on the road,' said Melissa Vaglio, vice president of retail operations, Bridgestone Retail Operations. 'Proper tire inflation is one of the simplest ways to keep more money in your wallet. We encourage drivers to lean on us as a trusted neighbor for a free inflation check and air top-off, early and often.' In its official report, " How to Get Money from Thin Air: The Hidden Benefits of Proper Tire Inflation,' the tire and automotive service provider outlines surprising findings, including: Firestone recommends drivers check their tire pressure monthly, as well as before long trips or when carrying an extra load, using a tire pressure gauge. In addition to potential savings at the pump, proper tire inflation pressure can help maximize vehicle performance, improve steering and handling, avoid irregular tire wear, and may extend tire life. Drivers can find the correct tire inflation information for their vehicle in the vehicle owner's manual or on the tire information placard located in the driver's side door panel. Drivers can visit any Firestone Complete Auto Care location for a free tire pressure check and air inflation9. For store hours and more information, visit To learn more about how tire air pressure can help drivers save money and download the full report, visit 1 Based on the data from the Bureau of Labor Statistics March 2025 unleaded premium per gallon (BLS), DOT NHTSA report, DOT FHWA 2023 HSS, FCAC 1p, calculated as follows: 273,486,407 Total Data Set Vehicles (DOT FHWA 2023 HSSS) multiplied by 16.69 Average Gallons Wasted Per Vehicle (DOT FHWA 2023 HSSS) multiplied by $4.08 Average Gas Price (BLS). 2 Based on data from the DOT NHTSA report, DOT FHWA 2023 HSS, FCAC 1p, DOE 2025, calculated as follows: 18.4 Average Wasted Gallons by Vehicle Type multiplied by 27.83 Average MPG results in 512.03 miles. 3 Based on Firestone Complete Auto Care first-party (FCAC 1p) data from June 1, 2024 to March 2, 2025, excluding Alaska, Maine, Utah, and Vermont, as FCAC does not have service centers in these states. 4 Based on FCAC 1p data (excluding states without FCAC service centers), calculated as follows: 4,030,986 Vehicles with Air Pumped by FCAC divided by the number of 9,687,710 Total Vehicles Seen at FCAC. 5 Based on FCAC 1p data, calculated as follows: Volume of Air Added to Vehicles divided by the Number of Vehicles Needing Air. 6 Based on FCAC 1p data. 7 Based on the Department of Energy's 2025 Datasets for All Model Years (DOE 2025) and FCAC 1p data. 8 Based on wasted gallon input of 4,564,488,132.83 (where 1 gallon of gasoline is equal to 0.009 metric tons of carbon dioxide) into the US Environmental Protection Agency Greenhouse Gas Equivalencies Calculator found at: 9 No purchase necessary. About Bridgestone Americas, Inc.: Bridgestone Americas, Inc. is the U.S.-based subsidiary of Bridgestone Corporation, a global leader in tires and rubber, building on its expertise to provide solutions for safe and sustainable mobility. Headquartered in Nashville, Tenn., Bridgestone Americas employs more than 45,000 people across its worldwide operations. Bridgestone offers a diverse product portfolio of premium tires and advanced solutions backed by innovative technologies, improving the way people around the world move, live, work and play. About Bridgestone Retail Operations, LLC: Bridgestone Retail Operations, LLC (BSRO) is headquartered in Nashville, Tenn. and operates the largest network of company-owned automotive service providers in the world — more than 2,200 tire and vehicle service centers across the United States — including Firestone Complete Auto Care, Tires Plus, Hibdon Tires Plus and Wheel Works store locations. Credit First National Association and Firestone Complete Fleet Care operations are also part of BSRO. BSRO is a member of the Bridgestone Americas family of companies. View original content to download multimedia: SOURCE Bridgestone Retail Operations
Cision Canada
05-06-2025
- Business
- Cision Canada
Canadians to benefit from enhanced free and low-cost bank accounts later this year Français
OTTAWA, ON, June 5, 2025 /CNW/ - Thirteen federally regulated financial institutions, including Canada's 6 largest banks, have signed on to a modernized Commitment on Low-Cost and No-Cost Accounts. By December 1, 2025, Canadians will benefit from modernized no-cost and low-cost accounts costing no more than $4 per month. Going forward, under these accounts, Canadians will have access to 50% more debit transactions per month, including widely used transaction types such as electronic fund transfers (e.g. Interac e-Transfers®). More groups will also be eligible for an account costing $0 per month, including newcomers to Canada in their first year, plus at least one of the following groups, to be selected by each signatory: Indigenous peoples Canadians receiving social assistance payments from select provincial or territorial programs individuals with a valid Disability Tax Credit Certificate and/or their supporting family member Financial institutions that have signed on to the Commitment will prominently display information about the availability of low-cost and no-cost accounts in-branch and online, and will train staff about these account options. Canadians can currently get low-cost and no-cost accounts from nine signatories under the original 2014 Low-cost and No-cost Accounts Commitment. The Financial Consumer Agency of Canda (FCAC) will monitor the implementation of the modernized Commitment by signatories and will supervise their compliance with all its obligations. In Budget 2024, the government announced its intention to secure a new commitment from financial institutions for enhanced free and affordable bank accounts, recognizing that Canadians' banking needs have changed with the increase in online banking. Quotes "Every Canadian deserves access to affordable, modern banking. That's why we worked with the FCAC to strengthen the commitment by financial institutions on free and low-cost bank accounts – more transactions, fewer fees and better access. This is a clear step toward fairer, lower-cost banking for all." The Honourable François-Philippe Champagne, Minister of Finance and National Revenue "The Financial Consumer Agency of Canada puts the rights and interests of Canadians first. I am pleased that more Canadians will benefit from modern and affordable bank account options that include more transactions, offered by more financial institutions, to more groups. Having 13 signatories commit to offering modernized low-cost and no-cost accounts is good news for financial consumers. I encourage other financial institutions to join the Commitment and extend these benefits to even more Canadians." Shereen Benzvy Miller, Commissioner, Financial Consumer Agency of Canada Quick facts The Financial Consumer Agency of Canada's (FCAC) mandate is to supervise the compliance of federally regulated financial entities, including banks, with their legislative obligations, codes of conduct and public commitments and to strengthen the financial literacy of Canadians. The following federally regulated financial institutions have signed on to the modernized Commitment so far: Alterna Bank BMO CIBC Hana Bank Canada ICICI Bank Industrial Commercial Bank of China Innovation Federal Credit Union Laurentian Bank National Bank Royal Bank of Canada Scotiabank Tangerine Bank TD Bank FCAC supported the development of the modernized Commitment based on research and consultations with Canadians, stakeholders and industry. This work underlined the need to update the Commitment to reflect consumers' evolving banking needs and to support financially vulnerable Canadians, while recognizing the importance of innovation and competition in the financial marketplace. FCAC encourages Canadians to shop around for banking products and services that meet their needs. FCAC provides useful and unbiased resources to help consumers make informed financial decisions, including a Bank Account Comparison Tool and information about:
Yahoo
05-06-2025
- Business
- Yahoo
Canadians to benefit from enhanced free and low-cost bank accounts later this year
OTTAWA, ON, June 5, 2025 /CNW/ - Thirteen federally regulated financial institutions, including Canada's 6 largest banks, have signed on to a modernized Commitment on Low-Cost and No-Cost Accounts. By December 1, 2025, Canadians will benefit from modernized no-cost and low-cost accounts costing no more than $4 per month. Going forward, under these accounts, Canadians will have access to 50% more debit transactions per month, including widely used transaction types such as electronic fund transfers (e.g. Interac e-Transfers®). More groups will also be eligible for an account costing $0 per month, including newcomers to Canada in their first year, plus at least one of the following groups, to be selected by each signatory: Indigenous peoples Canadians receiving social assistance payments from select provincial or territorial programs individuals with a valid Disability Tax Credit Certificate and/or their supporting family member Financial institutions that have signed on to the Commitment will prominently display information about the availability of low-cost and no-cost accounts in-branch and online, and will train staff about these account options. Canadians can currently get low-cost and no-cost accounts from nine signatories under the original 2014 Low-cost and No-cost Accounts Commitment. The Financial Consumer Agency of Canda (FCAC) will monitor the implementation of the modernized Commitment by signatories and will supervise their compliance with all its obligations. In Budget 2024, the government announced its intention to secure a new commitment from financial institutions for enhanced free and affordable bank accounts, recognizing that Canadians' banking needs have changed with the increase in online banking. Quotes "Every Canadian deserves access to affordable, modern banking. That's why we worked with the FCAC to strengthen the commitment by financial institutions on free and low-cost bank accounts – more transactions, fewer fees and better access. This is a clear step toward fairer, lower-cost banking for all." The Honourable François-Philippe Champagne, Minister of Finance and National Revenue "The Financial Consumer Agency of Canada puts the rights and interests of Canadians first. I am pleased that more Canadians will benefit from modern and affordable bank account options that include more transactions, offered by more financial institutions, to more groups. Having 13 signatories commit to offering modernized low-cost and no-cost accounts is good news for financial consumers. I encourage other financial institutions to join the Commitment and extend these benefits to even more Canadians." Shereen Benzvy Miller, Commissioner, Financial Consumer Agency of Canada Quick facts The Financial Consumer Agency of Canada's (FCAC) mandate is to supervise the compliance of federally regulated financial entities, including banks, with their legislative obligations, codes of conduct and public commitments and to strengthen the financial literacy of Canadians. The following federally regulated financial institutions have signed on to the modernized Commitment so far: Alterna Bank BMO CIBC Hana Bank Canada ICICI Bank Industrial Commercial Bank of China Innovation Federal Credit Union Laurentian Bank National Bank Royal Bank of Canada Scotiabank Tangerine Bank TD Bank FCAC supported the development of the modernized Commitment based on research and consultations with Canadians, stakeholders and industry. This work underlined the need to update the Commitment to reflect consumers' evolving banking needs and to support financially vulnerable Canadians, while recognizing the importance of innovation and competition in the financial marketplace. FCAC encourages Canadians to shop around for banking products and services that meet their needs. FCAC provides useful and unbiased resources to help consumers make informed financial decisions, including a Bank Account Comparison Tool and information about: low-cost and no-cost accounts choosing financial products and services transferring products or services to another financial institution choosing a financial institution Associated links The modernized Commitment on Low-Cost and No-Cost Accounts 2014 Commitment on low-cost and no-cost accounts Search for related information by keyword: Finance | Personal finance | Financial Consumer Agency of Canada | Canada | Money and finances | general public | news releases SOURCE Financial Consumer Agency of Canada View original content: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
