Regulations in the Great White North
Canada’s financial system is among the world’s sturdiest and safest. Global Finance magazine’s annual rankings of the world's safest banks placed eight Canadian banks in the top 40 worldwide. Canadian banks took up the first six slots of the safest banks in North America specifically.
The Bank of Canada promotes the nation’s financial welfare. The Office of the Superintendent of Financial Institutions regulates banks, insurance companies and private pension plans. The Department of Finance supports the Minister of Finance in enacting financial-sector legislation. The Canada Deposit Insurance Corporation insures bank deposits. The Financial Consumer Agency of Canada ensures banks comply with public commitments and legal responsibilities.
Comprising Canada’s Financial Institutions Supervisory Committee, these organizations and agencies share pertinent information for maintaining the financial sector’s stability and reinforce the distinct mandates of the others.
“There's a very high level of regulation and compliance requirements from the Canadian government and financial oversight body,” Li said. “As a result of that, adoption of new technologies has been slower compared to the international counterparts. That’s a matter of regulation as well as culture.”