With unique expertise, Lucie provides the strategic and proactive solutions clients need to stay on top of critical Canadian and international regulatory developments.
Lucie Tedesco is Senior Counsel in McCarthy Tétrault’s Business Law Group. She is the former Commissioner of the Financial Consumer Agency of Canada (FCAC), and has more than 24 years’ experience in regulatory environments specifically in the financial services sector.
Lucie’s practice focuses on providing strategic advice in the areas of financial regulation and providing counsel to sectors that are subject to market conduct requirements including, banking, credit, insurance, securities and telecommunications. She also advises on regulatory matters related to payments and external complaints bodies.
Amidst a range of transformations and disruptions within the financial services industry, Lucie offers clients unique expertise, coupled with deep knowledge of financial sector policy and familiarity with policy makers and federal and provincial financial regulators. She partners with clients to effectively navigate regulatory changes, enabling them to continue to focus on driving innovation, optimizing efficiencies and growth.
Known for her ability to get things done through collaboration, as Commissioner, Lucie was responsible for the supervision and enforcement of market conduct requirements applicable to federally regulated financial entities, for the promotion of financial consumer rights, and for development of programs to strengthen the financial literacy of Canadians. While Commissioner, she directed the development of a new risk-based oversight framework for federally regulated financial entities. She also conducted three significant industry reviews which influenced policy changes in the areas of extended auto loans, home equity lines of credit and retail banking sales practices. Her report to the Minister of Finance on domestic and international financial consumer protection best practices informed the new federal consumer protection framework. Under her direction, the first National Strategy for Financial Literacy, Count me in, Canada was delivered making Canada a leader in this space.
As Commissioner, Lucie served as an ex-officio member of the Board of Directors of Canada Deposit Insurance (CDIC). She also served as Chair and Vice-Chair, and prior to that as a member of the Governing Council of the International Financial Consumer Protection Organisation (FinCoNet). In addition, and until recently, Lucie was also a member of the Board of Directors of Investment Industry Regulatory Organization of Canada (IIROC).
Prior to her appointment as Commissioner of the FCAC in September 2013, Lucie served as Acting Commissioner between June 2013 and September 2013 and as Deputy Commissioner from 2008. Lucie also held senior roles at Export Development Canada, including Vice-President, Insurance and Loan Operations and Vice-President, Strategy & Planning.
Lucie holds a Bachelor of Arts degree (Lettres françaises) and an LL.B. from the University of Ottawa. She is also faculty member of Osgoode Hall’s Regulatory Compliance and Legal Risk Management for Financial Institutions Program.