The Office of the Superintendent of Financial Institutions (OSFI) has issued a consultative document to start a nine-month consultation on a principles-based senior leader accountability regime. The proposed approach would modernize suitability and accountability standards for senior leaders at federally regulated financial institutions. The regime forms part of OSFI’s broader corporate governance work and is designed to be outcomes-focused rather than prescriptive, allowing institutions to tailor accountability frameworks to their size and complexity and build on existing governance and control practices. OSFI frames the initiative against increasing complexity in financial services and a more uncertain risk environment, noting that weak suitability and accountability can create serious non-financial risks and undermine governance and public trust. The consultation runs until October 31, 2026, with feedback intended to inform OSFI’s final guidance. OSFI also notes that the timeline reflects its decision to postpone consultation on the draft Corporate Governance and Accountability Guideline.
Office of the Superintendent of Financial Institutions 2026-01-29
Office of the Superintendent of Financial Institutions launches nine-month consultation on senior leader accountability regime for federally regulated financial institutions
The Office of the Superintendent of Financial Institutions (OSFI) has launched a nine-month consultation on a principles-based senior leader accountability regime for federally regulated financial institutions, aiming to modernize suitability and accountability standards. The consultation, part of OSFI's broader corporate governance efforts, will run until October 31, 2026, and feedback will inform the final guidance.