Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced the appointment of Peter Routledge as the next Superintendent of Financial Institutions effective June 29, 2021, for a seven-year term. Mr. Routledge will succeed Jeremy Rudin, who announced, last December, that he would retire from the public service once he concludes his seven-year term.
Mr. Routledge has served as President and Chief Executive Officer of the Canada Deposit Insurance Corporation (CDIC) since 2018. Prior to joining the public sector in 2017, he held a variety of leadership roles in the financial sector, both in Canada and abroad.
“Canadians are the direct beneficiaries of the strong and effective regulation and supervision of banks in our country. Indeed, our prudent approach and stable financial sector are the envy of peer countries around the world. I am very pleased that Peter Routledge is taking on this key position tasked with overseeing and regulating our banks and financial sector. He has distinguished himself in both the public and private sectors and I know his leadership and eye for innovation will be of immense value, particularly as we navigate the end of the COVID crisis and Canada’s economic recovery.”
– The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance
The Office of the Superintendent of Financial Institutions (OSFI) is an independent agency of the Government of Canada, established in 1987, to protect depositors, policyholders, financial institution creditors, and pension plan members, while allowing financial institutions to compete and take reasonable risks.
OSFI supervises more than 400 federally regulated financial institutions and 1,200 pension plans to determine whether they are in sound financial condition meeting minimum plan funding requirements and whether they are complying with their governing law and supervisory requirements.
OSFI monitors and evaluates system-wide or sectoral risks to financial institutions to ensure Canadians benefit from a stable and well-functioning financial system.