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OSFI at a Glance

  • OSFI was established in 1987 to contribute to public confidence in the Canadian financial system. It is an independent agency of the Government of Canada and reports to the Minister of Finance.
  • OSFI supervises and regulates 438 banks and insurers, and 1,398 federally registered private pension plans. As at March 31, 2010, these organizations managed a total of $3,951 billion of assets.
  • The Office of the Chief Actuary, which is an independent unit within OSFI, provides actuarial services for the Canada Pension Plan, the Old Age Security program, the Canada Student Loans Program and other public sector pension and benefit plans.
  • OSFI recovers all of its costs. OSFI is funded mainly through asset-based, premium-based or membership based assessments on the financial services industry and a user-pay program for selected services. A small portion of OSFI’s revenue is derived from the Government of Canada for actuarial services relating to various public sector pension and benefit plans.
  • As of March 31, 2010 OSFI employed 551 people in offices located in Ottawa, Montréal, Toronto and Vancouver.