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Canada’s Finance Dept. Reviews FRFI Statutes & Policies
Oct 20, 2023
Image: Unsplash/Prince Abid
The Department of Finance Canada has recently launched consultations on the federally regulated financial institutions (FRFIs) statutes, including the Bank Act, Insurance Companies Act, and the Trust and Loan Companies Act.
Purpose of the Consultations
The primary goal is to gather industry feedback on adapting FRFI legislation and policies to address various challenges. These include access to financial services, technological advancements, national security concerns, fair competition, geopolitical trends, and ensuring the safety and integrity of the Canadian financial system. It's worth noting that a separate review on digital assets is ongoing and is not part of these consultations. This review is in anticipation of the sunset date for these statutes, set for June 30, 2025, as highlighted in the 2022 federal budget.
Key Areas of Focus
- National Security and Integrity: The consultations aim to understand the emerging risks to the security and integrity of the Canadian financial sector. This includes threats from national security, foreign interference, and technological changes.
- Sectoral Structure: The Department is keen on understanding the potential risks and benefits of consolidation in the federal financial sector. They are also interested in how the legislative framework should adapt to new financial service providers and the ongoing foreign expansion of Canadian FRFIs.
See: Behind the Delays and Push to Modernize Canada’s Banking and Payment System
- Consumer Protection: The consultations will explore additional measures to ensure Canadians have access to high-quality and low-cost banking services. This includes understanding barriers Canadians face when accessing these services and ensuring adequate protection for consumers using innovative or digital financial products.
- Framework Modernization: The Department is looking into the use, benefits, and risks of artificial intelligence (AI) and other innovations in the financial sector. They aim to ensure the financial sector legislative framework remains effective, technically sound, and reflective of modern business practices.
- Federal-Provincial Cooperation: The consultations will also explore opportunities for collaboration between the federal government and provinces/territories to address pressing financial sector policy issues effectively.
Your Voice Matters
The Department of Finance Canada is actively seeking input from Canadians, financial market participants, academics, and civil society groups. If you wish to participate, you can send your feedback and comments by December 4, 2023, to legreview-examenleg@fin.gc.ca with "Financial Institutions Statutes Review" in the subject line.
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