Financial and Consumer Affairs Authority (FCAA) is committed to these principles:
Other regulators and stakeholders rely on FCAA because it has staff with the skills,knowledge and attitude required to deliver its commitments.
FCAAconsults those who may be affected by a proposed regulatory change.
FCAA seeks to develop understandable rules that are complete and easy to access, and, when appropriate, to provide explanations and communicate its decisions.
- Proportionate Regulation
When developing and applying rules, FCAA considers the cost of compliance and the intended results. Regulatory actions are proportionate to the risk posed and contribute to sound business practices within the financial services sector.
- Flexibility and Discretion
Recognizing that there are many possible regulatory solutions, FCAA exercises its discretion to achieve the most practical and affordable solutions that achieve the intended objective without compromising consumer protection.
FCAA works with regulators in other jurisdictions and self-regulatory organizations to achieve regulatory efficiency and effectiveness.
FCAA seeks to harmonize rules and systems across sectors and jurisdictions to the greatest extent possible. FCAA will make exceptions when justified by the unique situation in Saskatchewan.
FCAA holds those being regulated responsible and accountable for complying with the rules. SFSC is accountable to the government and to the public for applying the spirit and substance of the regulatory regime.
FCAA is approachable by consumers and those it regulates. FCAA is committed to fulfilling its regulatory responsibilities. However, FCAA recognizes that not every problem requires a regulatory solution. Therefore, FCAA is also committed to providing strategic solutions. FCAA considers a wide range of alternative actions such as supplying expertise and advice, acting as a mediator and providing forums for industry dialogue.