COMMERCE 1B03 Study Guide - Final Guide: Life Insurance, Trust Company, Credit Union
Document Summary
Fcac (financial consumer agency of canada) offers: banking, budgeting and debt management, credit cards, mortgages, credit report and score, savings and investments, insurance, fraud. Until the middle of the 1980s , the canadian regulatory system was known as the four pillar system made up of: o o o o banks administer the payments system trust companies fiduciary business insurance industry protect life, health, property securities dealers including underwriting functions. There is no single body that regulates the entire industry: shared among different organizations and levels of government, e. g. , banks are federally regulated but securities dealers and credit unions are provincially regulated, insurance providers, trust and loan companies may be federally or provincially regulated, the company"s jurisdiction also decides regulatory responsibility. Canada deposit insurance corporation: insures eligible deposits at member institutions, guarantees deposits up to ,000, doesn"t cover all deposits (foreign country deposits, term deposits with maturity > five years, investments in mortgages, stocks, and mutual funds)
