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

• Published date: 15 August 2013
• Section: Part III - Acts of Parliament
• Gazette Issue: 1 - [object Object]

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

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

2001, c. 9FINANCIAL 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”

« chef du développement de la littératie financière »

“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:

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:Expens

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