Financial safety net

We are one of five federal government organizations that, together, form Canada’s “financial safety net”. The federal financial safety net agencies are:

We collaborate to help make sure that Canada’s financial system stays healthy.

The Minister of Finance in Canada is responsible for public policy issues related to federal financial matters. The Minister is responsible for those policies that govern federal financial institutions as well as for fiscal policy for the country as a whole. This includes responsibility for the legislation with respect to deposit-taking institutions, including the CDIC Act, the Bank Act, the Trust and Loan Companies Act, the Insurance Companies Act, the Office of the Superintendent of Financial Institutions Act, the Canadian Payments Act, the Bank of Canada Act, and the Cooperative Credit Associations Act.

The Office of the Superintendent of Financial Institutions (OSFI) is responsible for supervising banks, federally regulated credit unions, all federally regulated insurance, loan and trust companies, cooperative credit associations and federally regulated private pension plans.

We work closely with OSFI. Although our two organizations share common interests in the safety and soundness of CDIC member institutions, they carry out separate mandates. We insure deposits in our member institutions, while OSFI supervises and regulates federally registered banks and insurers, trust and loan companies, as well as private pension plans subject to federal oversight. CDIC and OSFI have developed a Guide to Intervention for Federally Regulated Deposit-Taking Institutions.

The Bank of Canada—the central bank—has responsibility for monetary policy, regulating credit and currency and generally promoting the economic and financial welfare of Canada. Under the Canadian Payments Act, the Bank of Canada is also charged with responsibility for the clearing, payments and settlement system in Canada.

The Financial Consumer Agency of Canada is the federal government agency mandated to protect financial consumers. It is an independent regulator that supervises banks and other federal financial entities to ensure they comply with their legal obligations, codes of conduct and public commitments. It educates Canadians about their rights and responsibilities when dealing with financial institutions, such as the right to open a personal bank account at a bank. The Agency also collaborates with organizations to develop resources and tools to help consumers make informed financial decisions and strengthen their financial well-being.

The Financial Institutions Supervisory Committee (FISC) facilitates consultation and the exchange of information on matters relating to the supervision of federal financial institutions between CDIC, OSFI, the Department of Finance, the Bank of Canada and the FCAC. The committee is chaired by the Superintendent of Financial Institutions.

The Senior Advisory Committee (SAC) has the same membership as FISC, but is chaired by the Deputy Minister of Finance. SAC is a discussion forum for financial sector policy issues, including financial stability and systemic vulnerabilities in order to inform the advice provided to the Minister of Finance.

Oversight of Canada’s financial system

Canada’s financial system is one of the safest and strongest in the world.

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