OSFI to resume policy development work in fall

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Compliance theme with blurred city lights © melpomen /123RF Stock PhotosThe Office of the Superintendent of Financial Institutions is set to restart its policy development work this fall.

The OSFI suspended consultations and policy development as part of its measures to reduce operational stress on institutions during the pandemic. As Canada begins to take steps towards reopening and recovery, the OSFI plans to ramp up activity gradually.

“It is clear that while conditions have become more stable, risks and uncertainty remain in the financial sector,” the agency noted, in a press release. “OSFI will remain ready to act to ensure that the work we do keeps pace and responds appropriately to Canada’s economic environment. We will continue to look forward when developing guidance and approaches that support reasonable risk taking but at the same time provides the necessary safeguards for depositors, policyholders and private pension plan beneficiaries.”

Further details will be available from the OSFI through the summer and into fall. The agency intends to adjust its pace, as well as what content to tackle, to reflect the new economic and operational environment. “To aid us in determining this, we will seek input from the sectors we supervise to make the necessary adjustments,” the release said.

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