Office of the Superintendent of Financial Institutions (OSFI)

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Definition of 'Office of the Superintendent of Financial Institutions (OSFI)'

The Office of the Superintendent of Financial Institutions (OSFI) is a Canadian government agency responsible for regulating and supervising federally regulated financial institutions. OSFI was created in 1987 by the Financial Institutions Act. The agency's mandate is to protect the interests of depositors, policyholders, and other financial institution customers. OSFI accomplishes this mandate by:

* Setting standards for the financial industry
* Monitoring the financial industry for compliance with those standards
* Taking action against financial institutions that are not in compliance with the standards

OSFI is headed by the Superintendent of Financial Institutions, who is appointed by the Governor in Council. The Superintendent is responsible for the overall direction and management of OSFI.

OSFI has a staff of approximately 1,000 employees. The agency is headquartered in Ottawa, Ontario, but has offices in other cities across Canada.

OSFI is funded by a combination of fees paid by federally regulated financial institutions and government appropriations.

OSFI is a member of the International Association of Insurance Supervisors and the International Organization of Securities Commissions.

The Office of the Superintendent of Financial Institutions plays an important role in the Canadian financial system. OSFI's regulations and supervision help to ensure the safety and soundness of the financial system, and protect the interests of consumers.

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