Office of the Superintendent of Financial Institutions
For Immediate Release
OTTAWA ─ October 6, 2020 ─ Office of the Superintendent of Financial Institutions
The Office of the Superintendent of Financial Institutions (OSFI) today released its Annual Report. The report covers OSFI’s activities from April 1, 2019 to March 31, 2020 and also details the progress made in delivering the first year of OSFI’s 2019-2022 Strategic Plan.
OSFI’s 2019-2020 Annual Report demonstrates how, over the reporting period, OSFI reponded to a number of financial and non-financial risks effectively which in turn contributed to the soundness and stability of Canada’s financial system.
In particular, the report details actions taken to support the three areas it supervises, which includes federally regulated financial institutions, insurance companies and pension plans. The report outlines OSFI’s efforts with both domestic and international partners, and notes successes in support OSFI’s business goals. It also provides a summary of the achievements by the Office of the Chief Actuary, which is an independent unit housed within OSFI.
In March 2020 with the onset of the COVID-19 pandemic, OSFI responded quickly to the disruptions in the economy by announcing a series of measures to support the Canadian financial system and protect pension plan members, which are included in the report.
Through the Annual Report, OSFI is also pleased to show progress made this year towards achieving the four goals outlined in its Strategic Plan. The OSFI 2019-2022 Strategic Plan was released in
April 2019 and sets out a core strategic agenda for OSFI’s work and lays out the expected criteria for success. By showing OSFI’s progress in this way, it highlights how OSFI’s efforts contribute to broader strategic goals.
“One of the goals of our strategic plan is to do a better job of explaining our role and our work to Canadians. With that in mind, I hope that people will take a moment to access the report, and to share with us any comments or questions they may have.” —Jeremy Rudin, Superintendent
“One of the goals of our strategic plan is to do a better job of explaining our role and our work to Canadians. With that in mind, I hope that people will take a moment to access the report, and to share with us any comments or questions they may have.”
—Jeremy Rudin, Superintendent
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.
OSFI – Public Affairs