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Ottawa, August 29, 2001
2001-071

New Superintendent of Financial Institutions Appointed

Related document:  

• Biographical Notes - Nicholas Le Pan.

Finance Minister Paul Martin and Secretary of State (International Financial Institutions) Jim Peterson today announced the appointment of Nicholas Le Pan as Superintendent of Financial Institutions. The appointment, which takes effect September 1, 2001, is for a seven-year term.

Mr. Le Pan currently serves as Deputy Superintendent, Office of the Superintendent of Financial Institutions (OSFI), a position he has held since May 2000. He joined the Office in 1995 after serving in various senior capacities at the Department of Finance Canada.

"I am extremely pleased that Mr. Le Pan has agreed to assume the post of Superintendent," Minister Martin said. "His extensive background in financial service policy and regulations, coupled with a strong track record of public service, eminently qualifies him to take on the responsibilities of the Superintendent."

Minister Martin and Secretary of State Peterson also thanked John Palmer, who will be returning to the private sector when his term as Superintendent expires on August 31, 2001. Over the past seven years Mr. Palmer implemented a number of changes at OSFI that kept pace with fast-changing developments in the financial services sector in Canada and abroad.

"During Mr. Palmer’s term OSFI transformed itself to enhance its effectiveness in meeting its mandate and cement its reputation as a leading regulator and supervisor," Secretary of State Peterson said. "On behalf of all Canadians, I would like to express my gratitude for a job well done."

OSFI supervises and regulates all banks and all federally incorporated or registered trust and loan companies, insurance companies, cooperative credit associations, fraternal benefit societies and pension plans. In this role, OSFI strives to safeguard policyholders, depositors and pension plan members from undue loss. It advances and administers a framework that contributes to public confidence in a competitive financial system.

Biographical notes for Mr. Le Pan are attached.

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Nicholas Le Pan

Nicholas Le Pan was appointed Deputy Superintendent of Financial Institutions, Office of the Superintendent of Financial Institutions (OSFI), on May 1, 2000. Previously, he had served at the Office as Deputy Superintendent (Supervision) from 1997, in which capacity he was responsible for overseeing the Supervision programs for banks, other deposit-taking institutions, life and general insurers, and federally regulated private pension plans.

Mr. Le Pan joined OSFI as Deputy Superintendent (Policy) in 1995 and was responsible for OSFI’s input into legislative development, preparation of regulations and guidelines, precedents, identification and analysis of emerging issues as well as various international and Canadian regulatory coordination efforts.

Before joining OSFI Mr. Le Pan served in 1995 as Special Advisor to the Deputy Minister, Department of Finance Canada, leading a task force that finalized a government white paper on the supervisory, deposit insurance and policyholder protection regime and pursuing legislative implementation of the proposals. He also served as the Department’s Assistant Deputy Minister, Financial Sector Policy Branch, led the 1992 review of financial institutions legislation and was actively involved in international negotiations on financial services.

He is a member of the Basel Committee on Banking Supervision of the Bank for International Settlements and chaired its Task Force on Accounting Issues.

Mr. Le Pan received a Bachelor of Arts degree (Honours) in Economics from Carleton University and a Master of Arts degree in Economics from the University of Toronto.