1 / 6

OSFI Role and Profile

OSFI Role and Profile. Neville Henderson November 19, 2013 Toronto, Ontario, Canada. About OSFI. Independent federal agency established in 1987; Primary prudential regulator and supervisor for all federally regulated financial institutions and pension funds in Canada;

odin
Download Presentation

OSFI Role and Profile

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. OSFI Role and Profile Neville Henderson November 19, 2013 Toronto, Ontario, Canada

  2. About OSFI • Independent federal agency established in 1987; • Primary prudential regulator and supervisor for all federally regulated financial institutions and pension funds in Canada; • As at March 31, 2012, these organizations managed total assets of $4.9 billion.

  3. OSFI Area of Responsibility OSFI regulates and supervises: • All banks operating in Canada (77); • Federal trust and loan companies (68); • Cooperative credit or retail associations (7); • Life insurance companies (78); • Fraternal benefit societies (16); • Property and casualty insurance companies (181); • Pension plans sponsored by federally regulated industries (approximately 1,400 plans, or 7% of plans in Canada).

  4. OSFI Facts • OSFI is an independent agency funded on a cost recovery basis through the assessment of fees (2011-12 budget: $124m); • OSFI has over 620 employees in four offices (Montreal, Ottawa, Toronto and Vancouver); • Central to OSFI’s mandate and its accountability to Canadians are its activities to: • Protect the rights and interests of depositors, policyholders, pension plan members of financial institutions; • Contribute to public confidence in a safe and sound financial system. Our mandate does not include social policy, promotion of business or market conduct.

  5. How OSFI works OSFI activities can be divided into two broad categories: • Regulation: enhances the financial system’s safety and soundness by evaluating system-wide risks and promoting sound business and financial practices through guidelines, policy and recommendations. • Supervision: identifies institution-specific and systemic risks and trends, and intervenes in a timely manner to minimize losses to policyholders, depositors and pension plan members.

  6. OSFI Philosophy OSFI’s approach can be defined as: • Reliance based • Financial Institutions manage themselves; • Independent auditors and actuaries (accounting and actuarial policy shop within OSFI). • Risk based • Focus on substantive prudential risks (internal risk tolerance policy); • Financial Institution failures are permitted and sometimes the best option (OSFI mandate). • Principles based • OSFI Guidance.

More Related