The OSFI story

The Office of the Superintendent of Financial Institutions is an independent agency of the Government of Canada. We regulate and supervise more than 400 financial institutions and 1200 pension plans. 

Federally regulated institutions include:

  • all banks in Canada
  • all federally incorporated trust and loan companies
  • insurance companies
  • fraternal benefit societies
  • private pension plans  

Check out Who we regulate for the full list of institutions we’re responsible for. 

For a list of important events in OSFI’s history, see our timeline.

Our mandate

Our purpose is to contribute to public confidence in the Canadian financial system by regulating and supervising approximately 400 federally regulated financial institutions (FRFIs) and 1200 federally regulated pension plans (FRPPs).

Our mandate is to:

  • ensure FRFIs and FRPPs remain in sound financial condition
  • ensure FRFIs protect themselves against threats to their integrity and security, including foreign interference
  • act early when issues arise and require FRFIs and FRPPs to take necessary corrective measures without delay
  • monitor and evaluate risks and promote sound risk management by FRFIs and FRPPs

In exercising our mandate:

  • for FRFIs, we strive to protect the rights and interests of depositors, policyholders and financial institution creditors while having due regard for the need to allow FRFIs to compete effectively and take reasonable risks
  • for FRPPs, we strive to protect the rights and interests of pension plan members, former members and entitled beneficiaries

How we regulate and supervise financial institutions and pension plans

We use our regulatory framework to balance the goals of safety and soundness. This allows federally regulated financial institutions to operate in a competitive marketplace. 

We regulate by:

  • developing rules
  • interpreting legislation and regulations
  • providing regulatory approvals for certain types of transactions
  • contributing to new accounting, auditing and actuarial standards 

We supervise institutions by:

  • analyzing financial and economic trends to detect issues 
  • assessing financial conditions, non-financial and material risks 
  • evaluating quality of governance, risk management and compliance

Our role and benefits to Canada

We play an important oversight role, but we don’t manage federally regulated financial institutions. Our goal is to balance both: 

  • competitiveness with financial stability
  • international standards with Canadian market realities 

Our regulation and supervision activities contribute to public confidence in the Canadian financial system. 

We’re funded through fees paid by regulated entities, not by Canadian taxpayers’ money. 

Our partners

We report to Parliament through the Minister of Finance. There are many processes to ensure the effective execution of our mandate. The Financial Institutions Supervisory Committee is one of them. 

Along with us, the other members of this committee are the:

  • Department of Finance
  • Bank of Canada
  • Canada Deposit Insurance Corporation
  • Financial Consumer Agency of Canada 

We meet quarterly to share information about supervision of federally regulated financial institutions.

Our values and critical success factors

The Values and Ethics Code for the Public Sector represent what we believe in, what we stand for, and what we expect of OSFI employees. These core principles guide our actions and decision-making processes in support of our priorities and overall success. By committing to these values and ethics and conducting ourselves in accordance with these expected behaviours, we strengthen our culture and contribute to the integrity of public institutions.

To help us fulfil our mandate and uphold our values, we have 3 critical success factors that are the basis of our business model and how we approach our work. These success factors are at the heart of our organizational culture and enable us to thrive in uncertainty:

  • grit
  • urgency
  • integrity

We foster a culture of resiliency and determination, and we are committed to embracing challenges with grit, integrity, and urgency. We are also deeply committed to diversity, equity and inclusion. Our 2024-2027 Strategic Plan has more information about OSFI’s culture.

Our international context

International organizations play a key role in the development of regulatory frameworks. They create a strong and stable global financial system. These organizations include:

  • the Financial Stability Board
  • the Basel Committee on Banking Supervision
  • the International Association of Insurance Supervisors

We’ve earned a strong international reputation with our active participation with these organizations. 

Office of the Chief Actuary

The Office of the Chief Actuary is an independent unit within OSFI that provides actuarial valuation and advisory services to the federal government. 

See the Office of the Chief Actuary’s website for more information on their reports and role.

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