During the 2018-2019 fiscal year, OSFI commissioned Sage Research Corporation, an independent research firm, to conduct a confidential consultation with deposit-taking institution Chief Executive Officers, Chief Financial Officers and other senior executives, to help OSFI monitor its effectiveness in discharging key elements of its mandate. OSFI has commissioned consultations with senior members of the financial community to obtain their assessment of OSFI's effectiveness as a regulator and supervisor since 1998.
The Deposit-taking Institutions Sector Consultation comprised a series of confidential interviews with executives representing a cross-section of the deposit-taking institutions regulated by OSFI. The final sample of participants was selected and interviewed by Sage Research Corporation independently of OSFI. The results are qualitative and presented in summary form to ensure the anonymity of participants.
Overall impressions of OSFI are positive. OSFI is viewed as accessible, responsive and professional. Additional strong attributes include: OSFI's effectiveness in ensuring the soundness of the Canadian deposit-taking sector; communication that is open and constructive; and, fostering good working relationships with the financial institutions it regulates.
Although OSFI is perceived to be effective in the overall discharge of its mandate, the study did reveal some areas for improvement. OSFI appreciates the feedback provided through this consultation and has developed action plans to address areas identified for improvement. Future studies will monitor OSFI's overall effectiveness and progress in addressing these.
The final report is available on the Library and Archives Canada website. For further information about the study methodology or the results, please send an e-mail to email@example.com.
OSFI's mandate is to protect depositors, policyholders, financial institution creditors and pension plan members, while allowing financial institutions to compete and take reasonable risks.