The Financial Consumer Agency of Canada (FCAC), announced May 11 the appointment of Frank Lofranco as Deputy Commissioner, Supervision and Enforcement. 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.
In a statement, FCAC said 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 their legal obligations.”
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. He has also 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).
He holds a Master of Public Administration (MPA) from the University of Guelph, and a Bachelor of Public Policy and Administration (PPA) from York University.
