OSFI releases its 2020-2021 Annual Report

News Release

For Immediate Release

OTTAWA ─ November 26, 2021 ─ Office of the Superintendent of Financial Institutions Canada

The Office of the Superintendent of Financial Institutions (OSFI) today released its 2020-2021 Annual Report. The report covers OSFI’s activities from April 1, 2020 to March 31, 2021 and outlines actions taken to support stakeholders through the COVID-19 crisis, as well as progress made in delivering on OSFI’s 2019-2022 Strategic Plan.

Over the period covered by the Annual Report, OSFI responded to the COVID-19 pandemic while exercising its responsibilities as a prudential regulator and supervisor. These activities contributed to the soundness and stability of Canada’s financial system and its ability to weather the worst the pandemic had to offer. 

Beginning in March 2020, OSFI announced a series of regulatory adjustments to support the financial and operational resilience of the organizations under its supervision as the pandemic began. As uncertainty caused by the pandemic receded, the need for these measures diminished and many were reversed over the course of the fiscal year.

The Annual Report also details actions taken to strengthen oversight in the three areas OSFI supervises, which includes federally regulated deposit-taking institutions, insurance companies and pension plans. The report outlines OSFI’s efforts with both domestic and international partners, and notes successes in support of OSFI’s business goals. It also provides a summary of the achievements by the Office of the Chief Actuary.

Through this Annual Report, OSFI showed progress towards the four goals outlined in the OSFI 2019-2022 Strategic Plan. Released in April 2019, the Strategic Plan sets out a core strategic agenda for OSFI’s work, and lays out criteria for success.

Quote

“The organizations we supervise are key to a healthy and growing economy. I’m proud of the work highlighted in this Annual Report, which demonstrates how OSFI has contributed to the stability of Canada’s financial sector and helped our stakeholders weather COVID-19.”

- Peter Routledge, Superintendent

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About OSFI

The Office of the Superintendent of Financial Institutions (OSFI) is an independent agency of the Government of Canada, established in 1987, to protect depositors, policyholders, financial institution creditors and pension plan members, while allowing financial institutions to compete and take reasonable risks. OSFI supervises more than 400 federally regulated financial institutions and 1,200 pension plans to determine whether they are in sound financial condition and meeting their prudential requirements.

Media Contact

OSFI – Public Affairs
Media-Medias@osfi-bsif.gc.ca
343-550-9373