Consultation on Upholding the Integrity of Canada’s Financial Sector

Current status: Closed

The Department of Finance launched consultations on the federally regulated financial institutions statutes as part of the financial sector legislative review announced in Budget 2022. Sunset dates in the financial institutions statutes, currently set at June 30, 2025, provide an opportunity to regularly review Canada’s financial sector framework. This consultation sought views and written submissions on how the legislative and policy framework should adapt to help address the challenges Canadians face in accessing financial services, as well as to technological and geopolitical trends. Views and feedback will be used to inform development of policy, legislative, and regulatory proposals.

This engagement process gave all interested members of the public the opportunity to provide input on the main topics. The consultation ran from October 5, 2023 to December 4, 2023. Thank you to everyone who participated.

Key questions for consideration

This consultation sought feedback on:

What’s next?

Comments received during the consultation period will inform the Department of Finance’s ongoing work on the legislative review. We will consider any potential changes to the federally regulated financial institutions statutes in light of the feedback received. While this formal consultation has now concluded, the Department has also launched a second, more targeted consultation on Strengthening Competition in the Financial Sector. Canadians are welcome to reach out to the Department of Finance with any questions or comments by emailing

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