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ARCHIVED - Office of the Superintendent of Financial Institutions Canada
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SECTION III - SUPPLEMENTARY INFORMATION
Links to the Government of Canada Outcome Areas
OSFI's strategic outcomes, supported by our plans and priorities, are intrinsically aligned with broader government outcomes, specifically strong economic growth, income security for Canadians and a safe and secure world through international cooperation.
Strong economic growth
A properly functioning financial system, in which consumers and others (inside and outside Canada) have a high degree of confidence, makes a material contribution to Canada's economic performance. The achievement of OSFI's strategic outcomes, which are shared by partners within government and the private sector, provides an essential foundation for a productive and competitive
economy.
OSFI is the primary regulator and supervisor of all federally registered financial institutions, numbering about 450. OSFI's activities and programs to enhance the safety and soundness of financial institutions are key to a regulatory framework underpinning the financial system, which in turn is essential to remain competitive in the global economy.
Income security for Canadians
OSFI supervises some 1,330 federally regulated private pension plans in Canada. OSFI's actions and decisions affect plan members as well as the sponsors and administrators of the plans. OSFI works to promote responsible pension plan governance and actuarial practices.
Canada has set in place a public pensions system that is expected to be sustainable and affordable well into the future in the face of changing demographic conditions. While OSFI does not supervise public pensions, the OCA does do statutory actuarial reports on various public pension programs, to come to conclusions about sustainability under certain assumptions.
A safe and secure world through international cooperation
OSFI supports the government's priority for a safe and secure world by contributing to the fight against terrorism financing and money laundering. OSFI's focus relates to guidance and the supervisory review of the operation of financial institution programs to comply with anti-money laundering / anti-terrorism financing requirements.
Financial institutions operate in an increasingly complex, international environment. There is greater interest in increased cross-border cooperation, and OSFI will continue to develop relationships with foreign regulators to promote consistency and facilitate mutual reliance.
Table 1: OSFI Links to the Government of Canada Outcomes
| Strategic Outcome #1: To regulate and supervise to contribute to public confidence in Canada’s financial system and safeguard from undue loss. | |||||
|
Expected |
Planned Gross Spending |
Alignment to Government of Canada’s |
|||
| 2008-09 | 2009-10 | 2010-11 | |||
| 1.1 Regulation and Supervision of Federally Regulated Financial Institutions | Protect depositors and policyholders while recognizing that all failures cannot be prevented. |
$79.6 |
$88.2 |
$85.7 |
|
| 1.2 Regulation and Supervision of Federally Regulated Private Pension Plans | Protect the financial interests of federally regulated private pension plan members and beneficiaries. |
$6.5 |
$6.8 |
$6.9 |
|
| 1.3 International Assistance | Emerging market economies are more informed about current approaches to regulatory and supervisory systems, so they may deploy them to the extent possible. |
$1.9 |
$2.0 |
$2.0 |
|
| Strategic Outcome #2: To contribute to public confidence in Canada's public retirement income system. | |||||
| 2.1 Office of the Chief Actuary | Stewards of Canada's public retirement income system are provided with professional actuarial services and advice in regard to the Canada Pension Plan (CPP) and federally legislated public pension and benefit plans. |
$5.7 |
$5.9 |
$6.1 |
|
The above table outlines OSFI's Strategic Outcomes and planned gross expenditures by activity, and links these to the Government of Canada's outcome areas.
The expenditures of each activity in the table include a share of OSFI's Internal Services costs, which have been allocated in a consistent manner to accurately reflect the total cost of each activity; to support equitable billing; and to support the Treasury Board requirement to understand Government-Wide Internal Services and fully-loaded program costs. OSFI's largest activity is the regulation and supervision of federally regulated financial institutions, which utilizes approximately 85% of OSFI's resources.
OSFI recovers practically all of its costs from several revenue sources (refer to Section 1, Financial Tables: Background). OSFI's net spending for each of the planning years is $850 thousand, which is funded by an annual parliamentary appropriation for the Office of the Chief Actuary's services to the Government of Canada related to Public Pensions.