|
We Work with Other
Organizations
CDIC works with other agencies that supervise Canadian financial institutions and with our
provincial/territorial and international partners.
With other federal
agencies
CDIC is one of five federal government organizations that, together, form Canada’s “financial safety net.”
The federal financial safety net agencies are: the Department of Finance, the Office of the Superintendent of
Financial Institutions, the Bank of Canada, the Financial Consumer Agency of Canada, and CDIC. We collaborate
to help make sure that Canada’s financial system stays healthy.
The Minister of Finance in Canada is responsible
for public policy issues related to federal financial matters. The Minister is responsible for those policies
that govern federal financial institutions as well as for fiscal policy for the country as a whole. This
includes responsibility for the legislation with respect to deposit-taking institutions, including the
CDIC Act, the Bank Act, the Trust and Loan Companies
Act, the Insurance Companies Act, the Office of the Superintendent of Financial
Institutions Act, the Canadian Payments Act, the Bank of Canada Act and the Cooperative
Credit Association Act.
The Office of the Superintendent of Financial
Institution (OSFI) is responsible for supervising banks and all federally chartered insurance companies,
trust and loan companies, cooperative credit associations and fraternal benefit societies to ensure that they
are in sound financial condition and in compliance with the laws that govern federally regulated financial
institutions.
CDIC works closely with OSFI. Although CDIC and
OSFI share common interests in the safety and soundness of CDIC member institutions, CDIC and OSFI carry out
separate mandates. CDIC insures deposits and specifies the terms on which insurance is made available; it
does not insure institutions, nor is it a regulator of deposit-taking institutions. This latter
responsibility lies with OSFI.
The Bank of Canada—the central bank—has
responsibility for monetary policy, regulating credit and currency and generally promoting the economic and
financial welfare of Canada. Under the Canadian Payments Act, the Bank of Canada is also charged
with responsibility for the clearing, payments and settlement system in Canada.
The Financial Consumer Association of Canada
(FCAC) is responsible for enforcing the consumer-oriented provisions of the federal financial institution
statutes, monitoring the industry’s self-regulatory initiatives designed to protect the interests of
consumers and small businesses, promote consumer awareness and respond to general consumer
enquiries.
Visit our links page for access to the websites of our federal
partners.
With provincial deposit
insurers
Each of Canada’s 10 provinces has a provincial deposit insurer. Visit our links page for access to the websites of our provincial
partners.
Deposit insurance protection is the same for all
CDIC member institutions with the exception of deposits accepted in the province of Québec by provincially
incorporated members. The province of Québec has a deposit insurance plan of its own under the administration
of l’Autorité des marchés financiers (AMF). Under the terms of an agreement between CDIC and AMF, deposits
made in Québec with provincially incorporated members are insured by AMF, and deposits made outside Québec
with such members are insured by CDIC. The maximum aggregate repayment from both agencies would not exceed
$100,000. CDIC also works with the AMF on various public awareness activities.
With
others...
We work with organizations that provide deposit insurance in countries all over the world. We help update
deposit insurance systems and learn from the work that others are doing around the world. Learn more about
our international work.
CDIC continues to build partnerships with
consumer groups and associations as a mechanism for reaching specific target audiences. A key partner in this
area is the FCAC with whom we participated in a National Symposium on Financial Capability held in June 2005.
We also continue our activities with financial services associations which, in turn, allow us to reach a much
broader group of consumers. For example, we participated in the annual general meeting of the Federation of
Canadian Independent Deposit Brokers. We are also partners in a forum, the Canadian Financial Services
Insolvency Protection Forum, which includes:
We share a website with these organizations,
which is designed to assist consumers in locating the compensation plan that protects their savings,
investments and insurance policies.
|
