Who OSFI works with to regulate Canada’s financial sector

The Office of the Superintendent of Financial Institutions (OSFI) is Canada's federal regulator for banks, insurance companies, and pension plans. While OSFI plays a leading role in keeping the financial system safe, it doesn't work alone. OSFI collaborates with several domestic and international partners to strengthen oversight and respond to risks.

Domestic partners

In Canada, OSFI works closely with other federal agencies through the Financial Institutions Supervisory Committee (FISC). This committee helps coordinate supervision and regulation. Members include:

• The Department of Finance - Overall responsibility for the Financial Sector Framework
• The Bank of Canada - The nation's central bank. Its principal role is monetary policy. This includes managing the money supply and setting interest rates.
• The Canada Deposit Insurance Corporation (CDIC) - Protects the savings of Canadians by providing deposit insurance in the event of an institution failure.
• The Financial Consumer Agency of Canada (FCAC) - Supervises banks and other federal financial entities to ensure consumer protection when dealing with financial institutions. They also educate Canadians about their consumer rights and responsibilities.

These organizations share information and align their efforts to protect depositors, policyholders, and pension plan members.

OSFI also works with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). FINTRAC is Canada's financial intelligence unit and oversees anti-money laundering and anti-terrorist financing rules. OSFI and FINTRAC share information when a financial institution shows signs of weak compliance or governance. This helps OSFI assess risks to the institution's integrity and take early action if needed.

International partners

OSFI also collaborates with global regulators to stay ahead of emerging risks and best practices. It participates in international organizations such as:

• The Financial Stability Board - International body that brings together national authorities and global organizations to promote stability in the global financial system by developing strong regulatory, supervisory, and risk management standards.
• The Basel Committee on Banking Supervision - Global group of banking regulators that sets international standards to help make banks safer and reduce risks to the financial system.
• The International Association of Insurance Supervisors - Global organization that brings together insurance regulators to develop standards and promote effective supervision of the insurance industry worldwide.

These partnerships help OSFI align Canada's rules with global standards and respond to international financial developments.

Why collaboration matters

Financial risks don't stop at borders. Cyber threats, economic shocks, and market disruptions can spread quickly. By working with other regulators, OSFI can respond faster and more effectively. Collaboration also helps ensure that Canada's financial institutions meet both domestic and international expectations.

In summary

OSFI works with a wide network of partners—both in Canada and globally—to regulate the financial sector. These relationships help OSFI protect Canadians and maintain confidence in the financial system.