Finance committee  It's been up for five years.

Finance committee  It's an increase by over 70% a year.

Finance committee  With the creation of the agency we've developed a rather innovative compliance framework. One of the tools we use is mystery shopping. The first time we'll go out to a sizeable portion of branches across the country in various urban centres and in some rural areas, to see what the retail experience is for the consumer with respect to compliance with the legislation.

Finance committee  I can assure you that simply using a hammer doesn't get you very far. We have uncovered some significant issues that we've been able to address with the institutions, through sitting down across the table and negotiating an agreement and improving the level of compliance. For example, we audited the penalty clauses.

Finance committee  We have done that. We've asked the association to do that. If you were to refer to all the complaint-handling brochures the institutions have, you'd see the FCAC mentioned on the complaint-handling brochures that most of the major banks have.

Finance committee  We have found with branch closures that there has been a decline over the last three years. We had reached a peak about three years ago, in terms of the number of closures that were occurring, partly with respect to mergers that happened between TD and Canada Trust. We found that the regulation brought forward dealt with making advance disclosure to communities, advising them that the closure is occurring, and therefore allowing them the ability to react with respect to that closure.

Finance committee  The industry is a responsible industry. That's not to say they don't make mistakes.

Finance committee  We have a professional relationship.

Finance committee  No. Our role is not to be an advocate for consumers; our role is that of an enforcer of the laws. Mr. Conacher is an advocate. With respect to knowledge of the agency, the agency was only started four or five years ago. It is a fairly new agency. We've made major efforts to try to get awareness out there, but we are not on consumers' minds every day until they actually have a problem.

Finance committee  First it's difficult for me to comment on a complaint that has been filed with the agency. Under the establishing legislation, the commissioner must treat all information in the agency's possession as confidential. So, the information we have received from Mr. Bouchard and the bank are confidential.

Finance committee  Good afternoon, Mr. Chairman. I thank you and the Finance Committee for inviting the Financial Consumer Agency of Canada, the FCAC. As we are short of time, and as the chairman requested, I will make my opening statement as brief as I can. This afternoon, I will discuss the mandate and the role of the agency, in the context of Bill C-37.