Financial institutions and pension plans have given the Office of the Superintendent of Financial Institutions high marks for its performance as principal regulator and supervisor of Canada’s financial services sector.
OSFI released Tuesday the results of a recent consultation process that showed 92% of respondents indicated they are satisfied with OSFI’s performance, an increase from 89% in 2002.
“In keeping with our commitment to continuous improvement, OSFI conducts regular consultations with industry to identify what we are doing well and areas for improvement,” Nicholas Le Pan, Superintendent of Financial Institutions, said in a statement. “OSFI makes the consultation findings available as part of our commitment to accountability and transparency.”
Other survey findings:
- OSFI has improved its ability to communicate expectations to the financial institutions;
- the Supervisory Framework, introduced in 1999, is perceived by 75% of respondents to have had a positive impact on the effectiveness of OSFI’s monitoring and examinations processes;
- OSFI receives strong ratings for its contribution to public confidence in the financial industry based on the absence of failures in the recent past;
- there has been a “significant” increase in the perceptions that OSFI has become more decisive in its interventions;
- and OSFI’s treatment of struggling companies is “just about right”.
On the international front, OSFI said it has raised its profile thanks to being actively involved in international working groups. The consultations also pointed to challenges, such as the need for further improvements in the level of staff knowledge and expertise and greater consultation with industry on international accords.