Financial Institutions Survey (FIS) 2023-24
Final report

POR 038-23
Contract # 59017-23-0006
Contract Date: 2023-09-06
Contract Value: $44,990.95 (including HST)

Prepared for the Office of the Superintendent of Financial Institutions

For more information on this report, please contact OSFI at: information@osfi-bsif.gc.ca.

March 21, 2024

Prepared by:

The Strategic Counsel
1 St. Clair Ave. W., Suite 1200
Toronto, Ontario M4V 1K6
Tel: (416) 975-4465 Fax: (416) 975-1883
Email: info@thestrategiccounsel.com
www.thestrategiccounsel.com

Ce rapport est aussi disponible en français.

Final report

Prepared for: the Office of the Superintendent of Financial Institutions

Supplier Name: The Strategic Counsel

March 2024

This public opinion research report presents the results of an online survey conducted by The Strategic Counsel on behalf of the Office of the Superintendent of Financial Institutions. The research study was conducted with 99 CEOs of federally regulated insurance companies and financial institutions between January 10th and 31st, 2024.

Cette publication est aussi disponible en français sous le titre: Sondage de 2023‑2024 auprès des institutions financières (SIF).

This publication may be reproduced for non-commercial purposes only. Prior written permission must be obtained from the Office of the Superintendent of Financial Institutions (OSFI). For more information on this report, please contact OSFI at information@osfi-bsif.gc.ca.

Catalogue Number: IN4-30/2024E-PDF

International Standard Book Number (ISBN): 978-0-660-71066-2

Related Publication (Registration Number: POR 038-23)

Catalogue Number: IN4-30/2024F-PDF

International Standard Book Number (ISBN): 978-0-660-71067-9

© His Majesty the King in Right of Canada, as represented by the Minister of Finance, 2024.

Executive summary

The Strategic Counsel (TSC) is pleased to submit this report to the Office of the Superintendent of Financial Institutions (OSFI) detailing the findings from the 2023-24 Financial Institutions Survey (FIS).

A. Background and objectives

OSFI is the primary regulator and supervisor of federally regulated financial institutions and federally administered pension plans in Canada. To assist OSFI in assessing how well it is achieving its mandate, since 2008 OSFI has been undertaking a high-level, biennial survey targeted at CEOs in all federally regulated financial institutions, including banks and other deposit-taking institutions (DTIs), as well as life and property and casualty insurance companies. The survey provides OSFI with an assessment of its performance and insights into the key drivers of satisfaction.

The results of the survey provide valuable guidance to OSFI on its overall performance and in specific areas of its mandate, identifying areas of strength for OSFI – where it’s viewed as performing well – as well as opportunities for improvements with respect to recommendations, activities, communications and processes.

B. Methodology

The survey, which was conducted in both official languages, was made available to all eligible respondents through a link embedded in a bilingual e-mail invitation which was sent by TSC. The list of CEO-level contacts for 236 federally regulated financial institutions was provided by OSFI.

A total of 99 completed surveys (n=60 insurance companies; n=39 DTIs) were received during the period in which the survey was in field, from January 10th to 31st, 2024, representing an overall response rate of 42%. Since the entire population or universe of the target audience was invited to participate in this survey, no margin of sampling error has been estimated or reported.

C. Key findings

Following an increase in satisfaction in the previous wave (2021), overall satisfaction with OSFI has dropped back to levels previously seen in 2018.

As was the case in 2018 and 2021, results pertaining to OSFI’s guidance continue to be mixed. The trend lines show that some measures have improved or remained stable, while others have declined.

Overall satisfaction with OSFI in processing regulatory approval applications has declined significantly since 2021.

OSFI received high ratings for its effectiveness in supervising institutions from both DTIs and insurance companies.

Stakeholders remain highly satisfied with OSFI’s capacity to interact in the official language of their choice.

In open ended comments provided by DTIs and insurance companies at the conclusion of the survey, a number of issues were raised.

For more information

Supplier Name: The Strategic Counsel
PWGSC Contract Number: 59017-23-0006
Contract Award Date: 2023-09-06
Contract Budget: $44,990.95

To obtain more information on this study, please e-mail information@osfi-bsif.gc.ca.

Statement of political neutrality

I hereby certify as Senior Officer of The Strategic Counsel that the deliverables fully comply with the Government of Canada political neutrality requirements outlined in the Policy on Communications and Federal Identity and the Directive on the Management of Communications of the Government of Canada and Procedures for Planning and Contracting Public Opinion Research. Specifically, the deliverables do not include information on electoral voting intentions, political party preferences, standings with the electorate or ratings of the performance of a political party or its leaders.

Signed: Donna Nixon, Partner