FCAA strives to adhere to the following regulatory principles when administering the rules, providing advice or pursuing solutions.
FCAA is open, available, and approachable by consumers and those it regulates.
All who are regulated are held to account by FCAA if they do not comply with the rules.
FCAA consults those who may be affected by a proposed regulatory change.
FCAA works with regulators in other jurisdictions, self-regulatory organizations, and other entities which share responsibility for market confidence to achieve regulatory efficiency and effectiveness.
FCAA provides tools and information that help suppliers and consumers understand their responsibilities, rights and remedies.
Recognizing there are many possible solutions, FCAA exercises its discretion to achieve the most practical and affordable solutions that achieve the intended objective without compromising consumer protection.
FCAA seeks to harmonize rules and systems across sectors and jurisdictions to the greatest extent possible.
When developing and applying rules, FCAA considers the cost of compliance and the intended results. FCAA’s actions are proportionate to the risk posed and focus on addressing risks the marketplace is unable to adequately address on its own.
FCAA develops understandable rules that are easy to access. When appropriate, it provides explanations and communicates its decisions.