what is the office of the superintendent of financial institutions osfi 
the office of the superintendent of financial institutions osfi is an independent agency of the government of canada that is responsible for the supervision and regulation of banks insurance companies and trust and loan companies the agency also regulates private pension plans which are subject to federal oversight 1the agency s stated goals are to protect depositors policyholders the financial institution fi creditors and pension plan members while allowing financial institutions to compete and take reasonable risks 1understanding the osfithe osfi s mission is to maintain consumer confidence in the financial markets 1among its functions is to guarantee deposits through the canadian deposit insurance corporation cdic 2 it also reviews the pension plans of businesses to ensure that they are adequately funded 1overall the osfi is bound to advance and administer a regulatory framework that promotes the management of risk the osfi is tasked with monitoring and evaluating system wide or sectoral issues that may negatively impact financial institutions 1the office was founded on july 2 1987 by combining the department of insurance and the office of the inspector general of banks a law passed in 1996 further defined the role of the office indicating that its primary responsibilities are to minimize losses to individuals and to maintain public confidence in the canadian financial system 3osfi reports to the canadian minister of finance 1preventing banks from failing is not part of the agency s directive however the office does support sound business practices which helps reduce the likelihood that a bank will fail 1osfi supervises institutions and pension plans to make sure they are in good financial health the agency ensures that the plans meet minimum funding requirements and are abiding by their governing laws and supervisory requirements 1osfi is expected to provide quick guidance to financial institutions and pension plans if they are found to have financial deficiencies the office may mandate that management boards or plan administrators take action to fix identified problems 1operating as an independent unit within the osfi is the office of the chief actuary this office provides a series of actuarial valuation and advisory services to the government of canada 1the current superintendent is peter routledge appointed june 29 2021 for a seven year term 4 his role is to represent canada on the financial stability board steering committee and the standing committee on supervisory and regulatory cooperation 56he also serves on the council of governors of the canadian public accountability board and the board of directors of the canada deposit insurance corporation 7the osfi also acts as an information hub for canadian financial institutions they periodically post important news and guidelines for the member banks as an example in january 2019 they issued an advisory on the increasing threats to cybersecurity osfi warned that these attacks may disrupt interconnected and global financial systems and businesses 8