Office of the Superintendent of Financial Institutions
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The Office of the Superintendent of Financial Institutions (OSFI) is an independent agency of the Government of Canada reporting to the Minister of Finance created "to contribute to public confidence in the Canadian financial system". It is the sole regulator of banks, and the primary regulator of insurance companies, trust companies, loan companies and pension plans in Canada.
The current Superintendent is Jeremy Rudin, appointed in June 2014. He replaced Julie Dickson, who retired. The term of the appointment is seven years.
The Office of the Superintendent of Financial Institutions (OSFI) was created to contribute to public confidence in the Canadian financial system.
OSFI's role is to:
OSFI’s legislation has due regard to the need to allow institutions to compete effectively and take reasonable risks. The legislation also recognizes that management, boards of directors and plan administrators are ultimately responsible and that financial institutions and pension plans can fail.
The Office of the Chief Actuary, which is part of OSFI, provides actuarial services to the Government of Canada.
Late 1800s – establishment of the Office of the Superintendent of Insurance (OSI), which subsequently became the Department of Insurance (DOI). The DOI was responsible for overseeing federally licensed life insurance companies, property and casualty insurance companies, trust and loan companies and pension plans, and for providing actuarial services to the government.
1925 – the Office of the Inspector General of Banks was established in response to the Home Bank failure and was responsible for regulating Canada's chartered banks.
Early 1930s – Royal Commission on Banking and Currency reviewed banking and currency issues in the Canadian financial system.
Early 1960s – Porter Royal Commission reviewed structural and operational issues affecting the financial system and financial institutions in Canada. The Commission's report concluded the financial system was sound, but developments had moved beyond the current state of laws and regulatory practices. Porter argued the public could not be insulated from loss in dealing with public institutions and markets. The Commission called for a system that would provide for adequate disclosure and that would set high standards of self-regulation, backed by strong government supervision and powers to enforce proper practices.
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