Confederation Life and RBC

Remember the us had smaller regional banks many that

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Unformatted text preview: of two other agencies – The Inspector General of Banks (OIGB) and the Department of Insurance (DOI). •  The OIGB was established in the mid- 1920’s, and the DOI was established in the very late 19th century. Office of the Superintendent of Financial Ins)tu)ons (OSFI) •  The government in 1984 stated its inten)on to review Canada’s financial system. •  Rapid change in the global financial system required that Canada modernize its oversight. •  The failure of the Canadian Commercial Bank and the Northland Bank in 1985 further spurred the need for change. Office of the Superintendent of Financial Ins)tu)ons (OSFI) •  The OFSI has two real func)ons: regula)on and supervision. •  Regula)on includes helping to develop and interpret legisla)on with regards to the financial services industry, issuing guidelines to financial service businesses and reviewing and approving requests from ins)tu)ons regulated by the overarching legisla)on. Office of the Superintendent of Financial Ins)tu)ons (OSFI) •  Supervision is the assessing of the soundness of the ins)tu)ons and pension plans, to make sure that they retain sufficient capital to operate in an effort to protect the rights and interests of all of those whose wealth is being managed by them. The United States Financial Service Industry •  By comparison, the US financial services industry accounts for 8.4% of their GDP. •  The US banking system has $13.3 trillion in assets at the end of 2010. •  The insurance industry accounted for an addi)onal $934 billion. The United States Financial Service Industry...
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