About the Office of the Superintendent of Financial Institutions

[Text on screen: Office of the Superintendent of Financial Institutions]

[Visual: OSFI logo]

Narrator: The Office of the Superintendent of Financial Institutions, or "OSFI", is an independent federal government agency that regulates and supervises Canadian banks, insurance companies and private pension plans to determine whether they are in good financial condition.

OSFI assesses institutions and pension plans, with a focus on their safety and soundness, or what's known as their "solvency", all while allowing them to compete and to take reasonable risks.

Whether in good financial times or bad financial times, OSFI's job is to regulate and supervise institutions so that banks are still able to make money available to Canadians, so that insurance companies can pay out their policyholders, and so that pension plans can continue to make payments to retirees.

Although OSFI plays an important oversight role, the management, boards of directors and trustees of these institutions remain responsible for their own successes or failures.

When problems or weaknesses are spotted, OSFI works with senior management, boards and pension plan administrators to quickly address them.

OSFI also watches the broader financial sector and economy for anything that could affect the financial health of the institutions it regulates.

Canada has one of the strongest financial systems in the world, thanks in part to the excellent collaboration and coordination OSFI has with its federal partners - the Department of Finance, the Bank of Canada, the Financial Consumer Agency of Canada and the Canada Deposit Insurance Corporation.

This makes our system work very well and promotes public confidence.

OSFI has earned a strong international reputation through its active participation in global regulatory and oversight organizations.

Together, OSFI and these organizations work to promote a strong and stable global financial system.

The activities of the Office of the Superintendent of Financial Institutions help sustain a strong and stable financial system in which all Canadians can place their trust and confidence.

[Visual: OSFI logo]

Narrator: For more information, visit the OSFI website at www.osfi-bsif.gc.ca

[Visual: Government of Canada logo]