In an article it sponsored and directed, the Canadian Bankers Association argues for giving financial regulators explicit growth and competitiveness objectives alongside their protective responsibilities. The proposals also call for coordinated planning of upcoming rules and public scrutiny of regulatory costs and benefits, rather than wholesale removal of financial safeguards. The case for reform centers on a framework spanning 44 federal, provincial and territorial regulatory bodies, with complex compliance obligations and lengthy approval processes that can impede new entrants. Secondary mandates, drawing on approaches in Australia and the United Kingdom, would require regulators to consider economic outcomes alongside protection. The article points to burdensome suspicious transaction reporting and low seizure and conviction rates as an example of why compliance should be assessed against practical results. A coordinated regulatory initiatives grid would give firms advance visibility of forthcoming requirements, addressing the absence of a standardized forecast across the sector despite individual regulators publishing policy plans. Public analyses of the costs and benefits of new and existing regulations, incorporating industry and expert input, would assess wider economic effects and support periodic reviews of whether rules are working.
Canadian Bankers Association makes case for growth mandates and greater regulatory accountability
An article sponsored and directed by the Canadian Bankers Association advocates adding growth and competitiveness objectives to financial regulators’ protective mandates. It also proposes coordinated visibility of upcoming rules and public assessments of regulatory costs and benefits. The recommendations address fragmented oversight and compliance burdens while retaining financial safeguards.