Section 31 of the Financial Consumer Agency of Canada Act leaves it to the commissioner to publish the name of the financial institution, the nature of the violation and the amount of the penalty imposed. This is a very important tool for FCAC's flexible approach to promoting and ensuring compliance with consumer provisions.
Several factors are taken into account when considering whether to implement this discretion. Is this a very serious case? Did the bank cooperate with us in the investigation? Is there an impact on consumers or on their confidence? What is the deterrent effect? Has the bank made a commitment to quickly remedy violations of the act? Does it take responsibility for its actions? Did it provide a remedy for consumers?
Since our regime isn't punitive, I don't use this discretion to punish the bank—