Judith Robertson will lead the FCAC, which is responsible for ensuring banks follow consumer protection rules. Robertson was commissioner of the Ontario Securities Commission from 2011 to 2017, and sits on the board of directors for the Financial Services Regulatory Authority of Ontario. (Financial Post)

Talking point: The federal government has taken steps to strengthen consumer protection in financial services. Under Robertson, the FCAC will have new powers. In December 2018, the government passed legislation that increased the fines the agency could levy on a bank from $500,000 to $10 million, and allowed the regulator to publicly name banks that violated policies, which it could not previously do. Robertson will also oversee a report on how bank and external ombudspeople handle complaints. The agency’s March 2018 report found an aggressive sales culture at banks increased the chances of consumers being sold unnecessary products. However, a CBC investigation found that the agency had sent early drafts of the report to banks, and removed recommendations for banks to work in the best interest of consumers.