Speech at the Canadian Institute’s 31st Flagship Conference on Regulatory Compliance for Financial Institutions by Director of Supervision Jaspal Matharu

Speech at the Canadian Institute’s 31st Flagship Conference on Regulatory Compliance for Financial Institutions by Director of Supervision Jaspal Matharu

As we all know, the financial sector is, as ever, moving with unceasing momentum. Technology continues to reshape the landscape, and consumer expectations evolve in parallel. These shifts invite us to reflect on how we approach our work, and how we adapt our methods to serve Canadians.

Recent months have brought renewed attention to the broader economic and geopolitical context in which we operate. The government’s latest budget underscores a clear ambition: to foster greater competition and promote consumer choice through innovation, while maintaining the high standards of consumer protection that Canadians expect. 

These priorities are especially relevant as we navigate a period marked by uncertainty and change, both at home and around the world. 

From our vantage point, the recent federal budget represents a strong reaffirmation of FCAC’s core mandate and its central role of safeguarding Canadians as consumers of financial products and services offered by federally regulated financial institutions. This was clearly echoed in the federal budget’s measures related to fraud, prevention of economic abuse, study of bank fees, and other measures relevant to FCAC. 

In this fast-paced environment, FCAC’s approach is guided by a renewed commitment to proactive and risk-based supervision. We remain focused on understanding where consumer-facing risks may emerge, particularly as institutions introduce new products, services, and distribution models.  We continue to be an advocate for innovation that enables competition and consumer choice. 

Moreover, we understand our role to be clear in this regard; to ensure consumer protection guardrails remain in place so Canadians benefit from choice and fair competition and continue to have trust and confidence in the financial system.