Reforming Canada's Financial Services Sector - A Framework for the Future


Department of Finance Canada




The legislation governing Canada's federally regulated financial institutions is subject to review every five years. At the time of the last review in 1996, Canada's financial services sector was undergoing rapid change. In recognition of this, the government announced that the Task Force on the Future of the Canadian Financial Services Sector would be established to provide advice on the future of the sector.

The Task Force's report was intended to serve as the basis for the next round of revisions to the legislation regulating the sector, scheduled for no later than 2002. Its mandate was to assess and evaluate public policies affecting the financial services sector and to make recommendations to enhance:

• the sector's contribution to job creation, economic growth and the new economy;
• competition, efficiency and innovation;
• the international competitiveness of the sector in light of the globalization of financial services, while at the same time maintaining strong, vibrant domestic financial institutions;
• the ability of the sector to take full advantage of technological advances as they occur and to meet the competitive challenges resulting from the introduction of new technologies; and
• the contribution of the sector to the best interests of Canadian consumers.

In September 1998, after nearly two years of study and consultation, the Task Force concluded that Canada is, for the most part, well positioned to meet and benefit from the changes occurring in the sector. Still, it identified a number of measures that could be implemented to help Canadians and their financial institutions better meet the challenges wrought by change. To that end, the Task Force offered 124 recommendations for enhancing competition and competitiveness, improving the regulatory framework, meeting Canadians' expectations and empowering consumers.

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Contact information

Department of Finance Canada
19th floor, East Tower
140 O'Connor Street 
Ottawa, Ontario  K1A 0G5
(613) 992-1573
(613) 943-0938

Source: Consumer Policy Research Database

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