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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 Parliament through the Minister of Finance.
  • OSFI supervises and regulates over 400 banks and insurers, and some 1,200 federally registered private pension plans.
  • The Office of the Chief Actuary, which is an independent unit within OSFI, provides actuarial valuation and advisory 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, which in 2012-2013 totalled $127.7 million. 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 received through an appropriation from the Government of Canada for actuarial valuation and advisory services relating to various public sector pension and benefit plans.
  • As of March 31, 2013, OSFI employed 660 people in offices located in Ottawa, MontrĂ©al, Toronto and Vancouver.