|
About
the Alberta Superintendent of Financial Institutions
(ASFI)
The Alberta Superintendent
of Financial Institutions is a division of Alberta
Finance. We oversee the deposit taking institutions
marketplace in Alberta. This entails overseeing
the corporate incidents of financial institutions
and the regulation of financial institutions operating
in Alberta.
Corporate
Incidents Corporate
incidents include items such as the incorporation,
amalgamation and dissolution of provincially incorporated
financial institutions and the registration of provincial
and extra-provincial financial institutions. It
is regulated primarily to promote a level, fair
and competitive financial marketplace in Alberta.
For example, companies are not allowed to be in
the business of deposit taking from or acting as
a trustee for, the public in Alberta without being
registered. This enables us to ensure that certain
standards of care and responsibilities are imposed
on the company holding your hard earned money. This
reduces the risks to the consumer and allows companies
who operate responsibly to compete with companies
that, for example, would otherwise want to cut corners
on security.
Regulation
of the Operations of Financial Institutions
Our role regarding
the regulation of the operations of financial institutions
are along two lines, solvency and market conduct.
As it pertains to solvency,
regulation creates a climate that minimizes the
risk of loss to depositors or trust in the event
of the failure of their financial institution. Regulation
is not a guarantee of success for a financial institution.
Financial institutions operate to generate a profit
either for their shareholders or, in the case of
a credit union, for its members. To do this, companies
take business risks, which, in some cases, may lead
to financial difficulties and even to failure.
Our role regarding
market conduct relates to broader market-place issues
such as coercive practices and tied selling. It
is important to note that while we do not have the
authority to dictate how these institutions make
routine business decisions (i.e. setting service
fees) or how they go about their day-to-day affairs
(i.e. hours of operation) we provide general consumer
information and will assist in mediating a dispute
between a financial institution and their customer.
In making financial
decisions, policyholders and depositors are encouraged
to be vigilant in obtaining information on the financial
condition of the financial service provider, determining
whether the institution is regulated, and determining
the insured status of the financial products they
choose.
Our role takes into
consideration the total regulatory framework in
Canada. We act in concert with other regulatory
bodies, both federal and provincial, auditors (internal
and external), the Credit
Union Deposit Guarantee Corporation (CUDGC),
Canada
Deposit Insurance Corporation (CDIC), financial
institutions and their industry associations and
Albertans in establishing and enforcing the regulatory
framework in Alberta to ensure that it is done in
an efficient and effective method.
Related
Alberta Legislation
Note: please
see the following links for legislation regarding:
The following is a
list of legislation that has a direct impact on
the operations of most financial institutions. This
list is not exhaustive and you should seek legal
advice as to whether other pieces of legislation
are applicable. If you would prefer a paper
copy, they are available from the Queen's
Printer Bookstore.
|
Contact
Us
