What is the responsibility of the Office of the Superintendent of Financial Institutions (OSFI)?

The Office of the Superintendent of Financial Institutions (OSFI) plays a crucial role in maintaining the stability and integrity of the Canadian financial system by regulating and supervising federal financial institutions. This responsibility includes banks, insurance companies, and trust companies, ensuring they operate safely and soundly, adhere to relevant laws and regulations, and manage their risks effectively.

Through its oversight, OSFI helps to protect depositors, policyholders, and pension plan members, contributing to the overall stability of the financial system and public confidence in financial institutions. This regulatory role is essential for sustaining consumer trust and safeguarding the economy against financial systemic risks.

The other options present duties that do not fall under OSFI’s purview. For example, issuing national currency and maintaining monetary policy is the responsibility of the Bank of Canada. Oversight of foreign investment in Canada is managed by the Investment Canada Act and related regulatory bodies, while managing retirement pension schemes involves specified pension regulators and not OSFI directly.