Regulatory Body:

Ø  OSFI – Office of the Superintendent of Financial Institutions (Federal Regulator)

Keep a watch over federally regulated
financial institutions and pension plans to check that they are in sound financial condition and meet the regulatory and supervisory requirements.

Monitors and identifies
issues that might impact the financial condition of federally regulated institutions negatively.

Regulates federally
regulated financial institutions and foreign bank representative offices.

Ø  FICOM – Financial Institutions Commission of British Columbia (Provincial Regulator)

Protects consumers
from unnecessary loss and unfair market behaviour by providing fair and balanced regulation of provincially regulated financial institutions in British Columbia.

Regulates mortgage
brokers, credit union deposit insurance corporation, financial institutions (credit unions, insurance and trust companies), real estate brokers and pension plans.

Ø  IIROC – Investment Industry Regulatory Organization of Canada (Provincial Regulator)

Regulates by setting
rules regarding the skill, business and financial performance required by dealer firms and their employees in Canadian equity marketplaces.

Regulates dealer
firms, exchanges and alternative trading systems, individual advisors.

Ø  FINTRAC – Financial Transactions and Reports Analysis Centre of Canada (Federal Regulator)

Assists in detecting and preventing
money laundering and financing of terrorist activities.

Regulates banks, credit
unions, financial services cooperatives, life insurance companies, brokers and agents, securities dealers, money service businesses, agents of the crown that sell money orders, accountants and accounting firms, real estate brokers, casinos, dealers in precious metals and stones, public notaries and notary corporations of B.C.


Regulatory Body – Insurance:

Ø  Canadian Investor
Protection Fund (CIPF)

Protect eligible
clients against loss in the event of member firm’s bankruptcy.

Covers an investment
dealer that is a member of IIROC.

Coverage Limit:
$1,000,000 (any combination of cash, securities, futures contracts, segregated
insurance funds)

Ø  Canadian Deposit
Insurance Corporation (CDIC)

Protects against loss
of deposits at member institutions in the event of the member institution’s failure.

Covers members like
banks, federally regulated credit unions, loan and trust companies,
associations governed by Cooperative Credit Associations that collect deposits.

Coverage Limit:
$100,000 (per insured category) (only for eligible deposits)

Ø  Assuris

Protects Canadian
policyholders in the event of their life insurance company failure.

Covers every life
insurance company which is allowed to sell insurance policy in Canada.

Coverage Limit:
$100,000 (deposit accounts like accumulation values, universal life overflow
accounts, dividend deposit accounts)



Ø  PIPEDA – The Personal
Information Protection and Electronic Documents Act

A federal privacy law
for private-sector organisations which defines rules that businesses must
adhere to while handling the personal information in their course of commercial

Originated on April 13,
2000, the law came into force in stages, beginning on January 1, 2001 and
finally fully into force on January 1, 2004.

As a bank’s marketing
manager, usage of names gathered from a contest is restricted to the motives of
gathering information which had been specified while gathering the information.

Ø  CASL – Canada’s
Anti-Spam Legislation

Legislation to protect
Canadians from harmful effects of spam and e-commerce related threats, work
towards a safer and a more reliable online marketplace.

Act came into effect on
July 1, 2014. Sections of the act concerned with undesired installation of
computer programs or software came into force on January 15, 2015.

As a bank’s marketing
manager, names gathered from a contest can only be used for marketing if consent
of doing so is provided by the owner. The consent should be proven by the
sender of commercial electronic message.


Financial Services Marketing Example – Rule #1, Accuracy and Clarity

When offering free
paintbrush with a purchase of a paint can, a marketer needs to be sure that
there are no unstated terms or conditions that need to be fulfilled to avail
that offer. Unstated terms and conditions could be like increasing the price of
the paint can than usual and then calling the brush as free with a paint can.


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