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Financial Literacy Leader Act (S.C. 2013, c. 1)

Assented to 2013-03-27

Financial Literacy Leader Act

S.C. 2013, c. 1

Assented to 2013-03-27

An Act to amend the Financial Consumer Agency of Canada Act

SUMMARY

This enactment amends the Financial Consumer Agency of Canada Act to create the position of Financial Literacy Leader within the Agency. The Leader is to be appointed by the Governor in Council to exercise leadership at the national level to strengthen the financial literacy of Canadians. The amendments also provide for the other powers, duties and functions of the Financial Literacy Leader.

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

SHORT TITLE

Marginal note:Short title

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

2001, c. 9FINANCIAL CONSUMER AGENCY OF CANADA ACT

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

“Financial Literacy Leader”

« chef du développement de la littératie financière »

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

 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.

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

COMMISSIONER OF AGENCY AND FINANCIAL LITERACY LEADER

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

Marginal note:Appointment of Financial Literacy Leader
  • 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.

  • Marginal note:Tenure of office and removal

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

  • Marginal note:Further terms

    (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.

  • Marginal note:Absence or incapacity

    (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.

  • Marginal note:Remuneration

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

  • Marginal note:Expenses

    (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.

  • Marginal note:Deemed employment

    (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.

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

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

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

Marginal note:Powers, duties and functions of Financial Literacy Leader

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).

Marginal note:2010, c. 12, s. 1853
  •  (1) Subsection 5.1(1) of the Act is replaced by the following:

    Marginal note:Minister’s direction
    • 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.

  • Marginal note:2010, c. 12, s. 1853

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

    • Marginal note:Best interests

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

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

  • Marginal note:Exception

    (2) Par dérogation au paragraphe (1), le commissaire peut occuper tout autre poste ou exercer toutes autres fonctions, à titre gratuit, sous l’autorité ou au service de Sa Majesté.

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

Marginal note:Duties and functions of Financial Literacy Leader generally
  • 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.

  • Marginal note:Other duties

    (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.

Marginal note:2007, c. 29, s. 154

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

  • Marginal note:Payment for activity

    (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.

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

  • Marginal note:Assessment for financial literacy

    (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.

 Section 33 of the Act is replaced by the following:

Marginal note:No liability

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.

 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

Marginal note:Bill S-5

 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:

Marginal note:Not compellable

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.

 
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