About the FCAA

Click on the information below to learn more about the Financial and Consumer Affairs Authority (FCAA).

About the FCAA 

FCAA Pillars

FCAA Structure

 

About the FCAA

The FCAA protects Saskatchewan consumers and investors and fosters fair and efficient markets by providing effective, balanced and timely marketplace regulation. The FCAA is responsible for carrying out and providing the structure for the administration and enforcement of 23 financial services and consumer protection statutes, and plays a role in the administration of three others.

The FCAA is a Treasury Board Crown corporation assigned to the Minister of Justice and Attorney General and led by a Board of Directors established under The Financial and Consumer Affairs Authority of Saskatchewan Act.

Regulation of financial services is essential for supporting the marketplace and the trust consumers place in these institutions. Excluding banks, the FCAA regulates or oversees most financial services in Saskatchewan.

The FCAA is dedicated to advancing the interests of consumers by ensuring fair trading conduct and minimizing opportunities for unfair, unlawful, or deceitful commercial activity.

Enforcement of consumer protection laws is critical to helping citizens acquire wealth, secure retirement, and establish trust in the market and governing institutions.

The FCAA also supports consumer education and awareness to assist consumers to protect themselves. This has been done through investor alerts and educational advertising campaigns.

The FCAA's Vision, Mission and Values can be found on this page: FCAA Vision, Mission, Values.

 

FCAA Pillars

The FCAA's regulatory oversight is structured around four pillars that help build and maintain your trust in Saskatchewan’s marketplace.

LICENSING AND REGISTRATION

To protect the marketplace, we license and register more than 19,000 entities and individuals in Saskatchewan across a wide variety of industries to make sure they are suitable for our marketplace.

REVIEW, AUDIT, AND COMPLIANCE

We routinely examine, inspect, and audit to ensure regulated entities are complying with the law and meeting investor and consumer obligations.

MARKET CONDUCT AND COMPLAINT HANDLING

We investigate consumer complaints to determine if rules have been violated, and if needed, work to mediate solutions for all parties or take appropriate enforcement action.

ENFORCEMENT

When violators break the rules, the FCAA holds them to account through regulatory sanctions or working with law enforcement.

 

FCAA Structure

The FCAA is organized into five program divisions:

These program areas are supported by the Legal Branch, Audit and Finance Branch, Strategy and Planning Branch and Corporate Services Branch. 

Consumer Credit Division

The Consumer Credit Division is responsible for regulating trust, loan and financing corporations; loan and mortgage brokers; payday lenders; and overseeing Credit Union Deposit Guarantee Corporation’s regulation of Saskatchewan credit unions and Credit Union Central of Saskatchewan.

The division protects the public interest and enhances public confidence by encouraging sound and ethical business practices including:

  • ensuring Saskatchewan Trust and Saskatchewan Loan corporations meet solvency and market conduct requirements;
  • ensuring mortgage brokerages, brokers and associates meet all disclosure and product recommendation requirements;
  • ensuring payday lenders’ disclosure requirements are met, fees charged are compliant, and collection practices are consistent with the legislation;
  • complaint investigations; and
  • enforcement action.

Consumer Protection Division

The Consumer Protection Division supports fair trading in goods and services between Saskatchewan consumers and businesses when the purchases are for personal, household, or family use. This includes:

  • market regulation;
  • sector-specific business and salesperson licensing;
  • complaint investigation;
  • education initiatives;
  • inter-agency and inter-jurisdictional cooperation; and
  • enforcement action.

The division also oversees the Funeral and Cremation Services Council and administers 13 pieces of legislation including but not limited to The Consumer Protection and Business Practices Act, The Direct Sellers Act, The Collection Agents Act and interesting statutes such as The Cemeteries Act and Auctioneers Act.

Insurance and Real Estate Division

The Insurance and Real Estate Division (IRED) is responsible for administration of The Insurance Act and The Real Estate Act. The division protects insurance consumers by regulating insurance companies licensed in Saskatchewan, using The Insurance Act to ensure fair customer treatment and financial soundness. They oversee the Insurance Councils of Saskatchewan regarding the rules insurance agents, adjusters and brokers must follow. The division also protects real estate purchasers and sellers by taking action to stop unlicensed real estate activity and oversees the Saskatchewan Real Estate Commission with respect to the rules that real estate agents and salespersons must follow.

Pensions Division

The Pensions Division registers and supervises pension plans established for Saskatchewan workers according to The Pension Benefits Act, 1992 (the Act). Many of these plans also have members who work in other provinces. The division also supervises these plans on behalf of the pension regulators in other provinces, in accordance with a multilateral agreement with the other jurisdictions.

The division strives to ensure that plans comply with the minimum standards in the Act and are funded according to the Act’s rules. The division also promotes the equitable treatment of plan members and protects their pension savings from undue loss. It supervises all changes to registered pension plans, including changes to plan design, governance, plan mergers, and terminations.

The division is also responsible for The Pooled Registered Pension Plans (Saskatchewan) Act. Unlike plans registered under the Act, which are administered by an employer or a Board of Directors, pooled registered pension plans are administered by Canadian corporations, such as life insurance companies. An administrator who is licensed by the Office of the Superintendent of Financial Institutions (Canada) to provide pooled registered pension plans is exempt from the requirement to obtain a licence in Saskatchewan.

Securities Division

The Securities Division protects investors by regulating trading and advising in securities and derivatives. Activities aimed at protecting investors include:

  • registering individuals and companies in the investment industry;
  • reviewing documents used by companies and individuals to sell their securities and derivatives to the public;
  • requiring businesses to file regular financial information, send it to their security holders, and disseminate it to the market;
  • reviewing companies’ continuous disclosure documents, such as financial statements and press releases, to ensure they provide appropriate and timely ongoing information to serve as a basis for securities trading in the secondary market;
  • exempting businesses from the requirements of the legislation, when appropriate;
  • holding to account those who have not followed the provisions of The Securities Act, 1988 or who have engaged in fraudulent and unscrupulous practices relating to securities or derivatives;
  • participating in oversight of The Canadian Investment Regulatory Organization (CIRO) and other market participants;
  • participating in securities and derivative policy development with other provinces and territories; and
  • regulate take-over bids and issuer bids to ensure equal treatment of securityholders.

 

 

 

Financial and Consumer Affairs Authority

4th Floor, 2365 Albert Street,

Regina, SK, S4P 4K1

Tel: (306)787-5645

Fax: (306)787-5899

Email:fcaa@gov.sk.ca

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