FCAC’s creation was one in a series of initiatives resulting from an extensive period of study and public consultation on financial sector reform.

In its first year, FCAC established a website and a call centre for consumers to make complaints and ask questions about their rights and responsibilities regarding financial products and services.

On July 11, 2010, amendments to the Financial Consumer Agency of Canada Act further expanded FCAC’s role in four areas: As a result of amendments to the Bank Act in 2010 which provided for federally regulated credit unions, FCAC became responsible for supervising and monitoring such credit unions’ compliance with applicable legislation and regulations.

The Financial Consumer Agency of Canada Act outlines FCAC's functions, administration and enforcement powers, and lists the sections of federal laws and regulations under its supervision.

The Commissioner reports annually to the Parliament of Canada through the Minister of Finance, on the Agency's activities and on the performance of financial institutions in complying with consumer protection measures.

[9] Before her mandate at FCAC, Ms. Menke held various positions giving her more than 30 years' experience in financial and legal affairs in both the public and private sectors, including the Privy Council Office, the Department of Finance and the Metropolitan Life Insurance Company.

[10] Under its compliance and enforcement mandate, the Agency investigates cases of non-compliance with consumer protection measures as set out in Canadian legislation.

Under its consumer education mandate, FCAC produces timely and objective resources and tools related to understanding and managing personal finances and financial products and services.

FCAC also develops infographics and videos to help consumers strengthen their financial literacy, which can be followed and shared on Twitter, Instagram, Facebook, LinkedIn and YouTube.

FCAC offers different financial education programs aimed at a wide range of age groups, including financial workshops and e-learning videos for young adults, a workshop aimed at better understanding credit reports, and learning programs to help adults manage their personal finances.