For the Industry

Other Regulators

Financial institutions in Canada are regulated at either the federal or provincial level, or a combination of both.

Federal regulators

The FCAC is one of three agencies regulating the activities of financial institutions under federal jurisdiction. Our focus is on ensuring compliance with consumer protection laws, regulations and codes.

Office of the Superintendent of Financial Institutions (OSFI) is the regulator in charge of supervising the financial health and stability of federal financial institutions. These include all banks and all federally incorporated or registered insurance companies, trust and loan companies, co-operative credit associations, and fraternal benefit societies.

OSFI monitors these institutions on an ongoing basis to ensure certain operational requirements are met, such as having sufficient capital resources, liquidity levels and loan loss provisions. OSFI conducts on-site reviews and uses its supervisory powers to take action in situations of gross breach of rules or in case of practices creating excessive risks.

Provincial and Territorial Regulators

Every province and territory has one or more bodies to regulate financial institutions under provincial responsibility. These institutions include securities dealers, credit unions and caisses populaires, as well as other financial institutions that are registered or incorporated at the provincial level.