April 19, 2010 Organization

Montréal – Jean St-Gelais, President and CEO of the Autorité des marchés financiers (AMF), today presented his recommendations as part of the public consultation on financial education by the Task Force on Financial Literacy.

Highlighting the contribution of Task Force members, Mr. St-Gelais noted that the consultation enables the Task Force to gather ideas on financial literacy and move forward in meeting a major challenge, namely, raising consumer interest in financial education.

Mr. St-Gelais pointed out that over the years the AMF has acquired expertise in consumer services and financial education. "The creation of the AMF in 2004 was an important turning point, giving Québec consumers access to a single window concept for information and assistance about securities, insurance compensation and non-bank deposit institutions," he noted.

The AMF produces and distributes a wide variety of information tools and activities for the public. The Education and Good Governance Fund, which has contributed approximately $7 million to support more than 60 projects since 2004, is a valuable tool for cultivating partnerships and funding education-oriented initiatives.

AMF recommendations

In light of the analysis undertaken as part of this consultation and the AMF's role in developing and offering educational programs, the AMF urges the Task Force to consider the following recommendations as part of its ongoing discussions:

• The strategy should prioritize the key challenge of raising consumers' interest in financial literacy education across Canada;
• The strategy should be developed and implemented while respecting the responsibilities of the provinces and territories, particularly in matters of financial education;
• The strategy should be built around the initiatives undertaken by the provinces and various organizations, so as to prevent costly and unproductive overlapping;
• The strategy should limit the scope of the intended framework for collaboration and respect the diversity of resources and the autonomy valued by many organizations and experts;
• The strategy should extend beyond simply promoting consistent bilingual programs Canadawide to ensure that all consumers, particularly those in Québec, have access to appropriate and adapted information.

In conclusion, Mr. St-Gelais reiterated that the primary focus should be investor awareness. "We must help consumers understand the advantages of financial education and inform them of the many services and programs available in each jurisdiction. We all benefit from promoting financial education across the country, and we must continue to collaborate in a spirit of mutual respect for expertise and distinctiveness," he added.

The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.

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