The Financial Consumer Agency of Canada (FCAC) and the Investment Industry Regulatory Organization of Canada (IIROC) have inked a memorandum of understanding (MOU) to boost consumer protection.
Following the agreement, the watchdogs will share information for better oversight of regulated entities and individuals.
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The two parties will also launch action against those regulated entities and individuals that fail to adhere to the required market and business conduct rules.
Commenting on the alliance, FCAC commissioner Lucie Tedesco said: “Collaborating and sharing information with regulatory partners such as the Investment Industry Regulatory Organization of Canada will help us keep pace with emerging trends and issues so that we can better protect financial consumers.”
IIROC president and CEO Andrew Kriegler added:” We are pleased to partner with FCAC and other regulators across the country to ensure compliance with our rules and to ensure that those we regulate cannot avoid sanctions and continue working in another area of the financial services industry.”
