Bill C-28

1st Session, 41st Parliament,

60-61 Elizabeth II, 2011-2012

house of commons of canada

BILL C-28

An Act to amend the Financial Consumer Agency of Canada Act

Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

SHORT TITLE

1. This Act may be cited as the Financial Literacy Leader Act.

FINANCIAL CONSUMER AGENCY OF CANADA ACT

2. Section 2 of the Financial Consumer Agency of Canada Act is amended by adding the following in alphabetical order:

“Financial Literacy Leader” means the person appointed under section 4.1.

3. Subsection 3(2) of the Act is amended by striking out “and” at the end of paragraph (e), by adding “and” at the end of paragraph (f) and by adding the following after paragraph (f):

(g) collaborate and coordinate its activities with stakeholders to contribute to and support initiatives to strengthen the financial literacy of Canadians.

4. The heading before section 4 of the Act is replaced by the following:

COMMISSIONER OF AGENCY AND FINANCIAL LITERACY LEADER

5. The Act is amended by adding the following after section 4:

4.1 (1) The Governor in Council shall appoint an officer to be called the Financial Literacy Leader who shall act under the instructions of the Commissioner.

(2) The Financial Literacy Leader holds office during pleasure for a term of not more than five years.

(3) The Financial Literacy Leader, on the expiry of any term of office, is eligible to be re-appointed for a further term of office.

(4) In the event of the absence or incapacity of the Financial Literacy Leader, or if the office of Financial Literacy Leader is vacant, the Minister may appoint a qualified person to exercise the powers and perform the duties and functions of the Financial Literacy Leader, but no person may be so appointed for a term of more than 90 days without the approval of the Governor in Council.

(5) The Financial Literacy Leader shall be paid the remuneration fixed by the Governor in Council.

(6) The Financial Literacy Leader and any person appointed under subsection (4) are entitled to be paid reasonable travel and living expenses incurred in the course of performing their duties while absent from their ordinary place of work.

(7) The Financial Literacy Leader and any person appointed under subsection (4) are deemed to be employed in the public service for the purposes of the Public Service Superannuation Act and to be employed in the federal public administration for the purposes of the Government Employees Compensation Act and any regulations made under section 9 of the Aeronautics Act.

6. The heading before section 5 of the Act is replaced by the following:

POWERS, DUTIES AND FUNCTIONS OF COMMISSIONER AND OF FINANCIAL LITERACY LEADER

7. The Act is amended by adding the following after section 5:

5.01 The Financial Literacy Leader shall exercise leadership at the national level to strengthen the financial literacy of Canadians. He or she may carry on any activity that he or she considers necessary in furtherance of that purpose, within the objects described in subsection 3(2).

8. (1) Subsection 5.1(1) of the Act is replaced by the following:

5.1 (1) The Minister may give a written direction to the Agency if he or she is of the opinion that it can strengthen consumer protection and the public’s confidence in that protection or enhance the financial literacy of Canadians.

(2) Subsection 5.1(3) of the Act is replaced by the following:

(3) Compliance by the Agency with a direction is deemed to be in its best interests.

9. Subsection 6(2) of the French version of the Act is replaced by the following:

10. The Act is amended by adding the following after section 6:

6.1 (1) The Financial Literacy Leader shall engage exclusively in the duties and functions of the Financial Literacy Leader referred to in section 5.01.

(2) Despite subsection (1), the Financial Literacy Leader may hold any other office under Her Majesty or perform any other duties for Her Majesty, but not for reward.

11. Subsection 13(3) of the Act is replaced by the following:

(3) If the Agency carries on any activity in furtherance of an object described in paragraph 3(2)(d), (e) or (g) on the Minister’s recommendation, the Minister may on terms and conditions approved by the Treasury Board, in any fiscal year, make a payment out of the Consolidated Revenue Fund to the Agency for the purposes of the activity.

12. Section 18 of the Act is amended by adding the following after subsection (4):

(4.1) The Commissioner may, during a fiscal year, impose an assessment against any financial institution to cover some or all of the expenses related to initiatives to strengthen the financial literacy of Canadians.

13. Section 33 of the Act is replaced by the following:

33. No action lies against Her Majesty, the Minister, the Commissioner, the Financial Literacy Leader, any Deputy Commissioner, any officer or employee of the Agency or any person acting under the direction of the Commissioner for anything done or omitted to be done in good faith in the administration or discharge of any powers or duties that under any Act of Parliament are intended or authorized to be executed or performed.

14. Section 34 of the Act is amended by striking out “and” at the end of paragraph (a), by adding “and’’ at the end of paragraph (b) and by adding the following after paragraph (b):

(c) its collaboration with stakeholders, and the coordination of its activities with those of stakeholders, to contribute to and support initiatives to strengthen the financial literacy of Canadians.

COORDINATING AMENDMENT

15. If Bill S-5, introduced in the 1st session of the 41st Parliament and entitled the Financial System Review Act, receives royal assent, then, on the first day on which both section 220 of that Act and section 5 of this Act are in force, section 33.1 of the Financial Consumer Agency of Canada Act is replaced by the following:

33.1 The Commissioner, the Financial Literacy Leader, any Deputy Commissioner, any officer or employee of the Agency or any person acting under the instructions of the Commissioner, is not a compellable witness in any civil proceedings in respect of any matter coming to their knowledge as a result of exercising any of their powers or performing any of their duties or functions under this Act or the Acts listed in Schedule 1.