Final report from the second Financial Industry Forum on Artificial Intelligence (FIFAI 2) now available

From: Financial Consumer Agency of Canada

Statement

March 25, 2026

Ottawa, Ontario

From May to November 2025, the Financial Consumer Agency of Canada (FCAC) and other federal financial regulators partnered with the Global Risk Institute (GRI) to present the second Financial Industry Forum on Artificial Intelligence (FIFAI 2), a series of 4 workshops on the risks and opportunities posed by AI adoption in the financial sector.

A final report from the Forum is now available on the Office of the Superintendent of Financial Institutions’ website. It covers issues related to consumer financial well-being and protection, security and cybersecurity, financial crime and financial stability.

Among other things, the report emphasizes that consumers benefit from AI when financial well-being and consumer protection are embedded into AI governance and control frameworks, with institutions remaining accountable for AI-driven consumer outcomes. This is supported by ecosystem-level efforts to strengthen consumer AI literacy.

The report will contribute to a greater understanding of the opportunities and risks posed by AI in the financial sector and provide insights for the responsible use of AI within the financial sector, for the benefit of consumers.

More than 170 members of the financial ecosystem attended the FIFAI 2 workshops, including representatives from regulatory agencies, banks, insurance companies, consumer advocacy groups, research institutes, universities and others.