Not surprisingly, Nicholas Le Pan has been named Superintendent of the Office of the Superintendent of Financial Institutions for a seven-year term.

The widely expected appointment, effective September 1, means Le Pan will take over from John Palmer, whose last day on the job is August 31

Le Pan says his main priority going into the new job is to take over from where Palmer is leaving off.

“Broadly, I’m going to be building on the developments and progress that we’ve made over the past six or seven years under my predecessor,” says Le Pan, 49.

“Then, of course, there are several new challenges that we’ve already started, such as implementing the new legislative framework and our new supervisory framework.”

Le Pan says OSFI has advanced in the last few years and is much better able to meet ongoing challenges, including the new financial services legislation, which provides companies with more flexibility in how they want to be structured.

He says it would not be appropriate for him to speculate on the future of the financial services industry in Canada, which is undergoing major consolidations in some sectors.

Le Pan is no stranger to OSFI. He joined the department in 1995 and most recently served as the office’s deputy superintendent.

In making the announcement, Finance Minister Paul Martin pointed to Le Pan’s background.

“His extensive background in financial service policy and regulations, coupled with a strong track record of public service, eminently qualifies him to take on the responsibilities of the superintendent,” Martin said.