OSFI Annual Report 2024-2025

I am pleased to present the Office of the Superintendent of Financial Institutions’ (OSFI) 2024-25 Annual Report to Parliament. This report highlights the key accomplishments we have achieved from April 1, 2024 to March 31, 2025. The Office of the Chief Actuary (OCA), which operates as an independent unit within our organization to provide a range of actuarial valuation and advisory services to the federal government, is included in this report.

OSFI is Canada’s regulator and supervisor of banks, most insurance companies, and many private pension plans. Our efforts and expertise have helped to reinforce one of the world’s most resilient financial systems, guiding it through both stable and turbulent times. Yet, we are not immune to system-wide stresses and accumulating shocks. With the rapidly evolving global risk landscape and long-term financial outlooks increasingly uncertain, we must be prepared for more severe scenarios. By continuously monitoring, assessing, and refining our guidance, tools and advice, we are better prepared to navigate challenging times.

We have also strengthened our operational resilience and advanced our mandate on integrity and security. Close collaboration with Canada’s security and intelligence community and international allies remains essential for timely information sharing and coordinated responses to emerging threats. To this end, we are building deeper relationships with government and industry partners to address emerging national security issues impacting financial stability, including state-sponsored cyberattacks or foreign interference.

Our achievements reflect the dedication and expertise of our entire office, as well as the strong partnerships we have built with industry and global peers. I am proud of what we have achieved this year, and I am confident that Canadians can trust in the strength and stability of our financial system. With a more robust financial regulatory framework and agile, risk-based interventions in an evolving economy, Canada stands as a global leader in financial stability and sound governance.

We will continue to safeguard Canadians’ interests by ensuring our financial system remains stable, secure, and resilient now and well into the future.

Thank you, 
Peter Routledge