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Financial Consumer Agency of Canada appoints deputy commissioner

Tuesday, May 12, 2020 @ 12:18 PM | By John Chunn

The Financial Consumer Agency of Canada (FCAC) on May 11 announced the appointment of Frank Lofranco as deputy commissioner, supervision and enforcement.

According to a press release from the FCAC, Lofranco will be responsible for providing strategic leadership and operational oversight for FCAC’s supervision and enforcement activities.

FCAC’s role is to protect financial consumers by strengthening the financial literacy of Canadians and ensuring that regulated entities comply with their legislative obligations, voluntary codes of conduct and public commitments.

The press release states that Lofranco arrives at an important point in FCAC’s evolution, as the agency implements a new Financial Consumer Protection Framework set out in the Bank Act. The agency also has new powers that strengthen its ability to protect financial consumers, including the power to direct a bank to comply with its legal obligations. Having recently come into force, these powers align the agency with other regulators in Canada and abroad.

Before joining FCAC, Lofranco was the deputy superintendent, operations and corporate services, at the Office of the Superintendent of Bankruptcy, and prior to that he was vice-president of Scotiabank’s Global Anti-Money Laundering Operations.

Lofranco also has held executive positions at the Treasury Board Secretariat, Human Resource and Skills Development Canada, FedDev Ontario and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). During his 10 years with FINTRAC, he served in multiple roles including deputy chief compliance officer.

Lofranco holds a master of public administration (MPA) from the University of Guelph and a bachelor of public policy and administration (PPA) from York University.