Overview of the Financial Institutions Survey Findings

In the fall of 2014, the Office of the Superintendent of Financial Institutions (OSFI) commissioned Environics Research Group, an independent research firm, to conduct a confidential survey with executives of the financial institutions that OSFI regulates. The primary objective was to assess OSFI’s performance as a prudential regulator and supervisor. Additional questions were added this year specific to small- and mid-sized (SMS) institutions.

The questionnaire was administered via an on-line survey, and all active financial institutions regulated by OSFI were invited to participate. The report presents the responses in summary form; OSFI does not know how specific institutions responded.

Overall impressions of OSFI as a regulator and supervisor are positive in nearly all areas. Most of the results from the 2014-15 survey are comparable or better than results from the previous study conducted in 2012-13. The highest positive ratings in 2014-15 pertain to overall satisfaction with OSFI and its effectiveness in supervising financial institutions, consistent with previous survey results.

Areas for improvement identified by respondents relate to scalability of guidance for small- and mid-sized institutions. OSFI will build on the work of its SMS advisor to address these concerns.

OSFI appreciates the feedback provided respondents to this consultation.  In addition to the Financial Institutions Survey, which is conducted every two years, we will continue undertaking in-depth, industry sector consultationsFootnote 1 to augment monitoring of our performance and implement improvements, as required.

Created in 1987 by an Act of Parliament, OSFI is the primary regulator and supervisor of federally regulated deposit-taking institutions, insurance companies, and federally regulated private pension plans. OSFI’s mandate is to advance and administer a regulatory framework that contributes to public confidence in a strong, stable and competitive financial system.

For further information about the study methodology or the results, please send an e-mail to information@osfi-bsif.gc.ca.

April 2015

Footnotes

Footnote 1

Deposit-Taking Institutions Sector Consultation; Property and Casualty Sector Consultation; Life Insurance Sector Consultation. http://www.osfi-bsif.gc.ca/Eng/osfi-bsif/rep-rap/srv-sdg/Pages/default.aspx

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