Minister of Finance for Department of Finance Canada. Canada Deposit Insurance Corporation. Financial Consumer Agency of Canada. The Senior Advisory Committee supports the provision of advice to the Minister of Finance, and serves as a forum to coordinate actions among the agencies so that they reinforce each other.
The Department of Finance supports the Minister of Finance in his or her broad responsibility for all matters relating to the financial sector. The Minister has authority for federal financial sector legislation, including the governing legislation for each of the federal financial sector oversight agencies. Financial sector agencies have clear and distinct mandates that contribute to financial sector oversight, including financial stability. OSFI is an independent federal government agency that regulates and supervises banks, insurance companies and private pension plans in Canada to determine whether they are in good financial condition and meeting their regulatory and supervisory requirements.
OSFI works to ensure that banks are able to make loans and deposits available to Canadians; that insurance companies can pay policyholders; and that pension plans can continue to make payments to retirees. The Bank has four main areas of responsibility. CDIC is a federal Crown corporation established in to protect the savings of Canadians, and contributes to financial stability by safeguarding eligible deposits at more than 80 member institutions.
As resolution authority, CDIC is responsible for handling the failure of any of its members, from the smallest to the largest. Members include banks, federally regulated credit unions as well as loan and trust companies and associations governed by the Cooperative Credit Associations Act that take deposits. Funded by premiums paid by member institutions, CDIC does not receive public funds to operate.
CDIC has resolved 43 member failures affecting some two million Canadians. They are released once a year with a five-year lag. A stable and efficient financial system is essential for sustained economic growth and rising living standards. The Bank of Canada promotes the economic and financial welfare of Canada by fostering a stable and efficient financial system, which includes banks and credit unions, the financial markets, and clearing and settlement systems. The Bank does this by:. These include systemically important payment systems and clearing and settlement systems.
Bank staff conduct analysis and research to identify and mitigate systemic risks that might impair the functioning of the financial system. The results are published once a year in the Financial System Review. The Bank of Canada collaborates with federal, provincial and international authorities as well as industry to achieve its financial system goals.
The FSRC promotes financial system research in Canada to inform policy and improve the economic and financial well-being of Canadians. Under the Retail Payment Activities Act , the Bank of Canada will be responsible for supervising payment service providers. Our aim is to build confidence in the safety and reliability of their services while protecting users from certain risks.
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