February 29, 2012
Although the policy of the Canadian government has been to encourage competition in the financial services sector, to give consumers more choices, it has not resulted in the federal bank regulator (the Office of the Superintendent of Financial Institutions) lowering its standards for incorporating new banks.
Peter Murphy, Partner at Fraser Milner Casgrain LLP (FMC), spoke to the Legal Post about what regulators are looking for in your application. “What OFSI doesn’t want to do is approve the incorporation of a bank that’s doomed to fail because it’s going head-to-head with overwhelmingly dominant competitors,” says Peter. “You have to pick your market segment, pick your financial products, and be fairly surgical in trying to convince OFSI that you can make a go of it.”
For the full article, please read Drew Hasselback’s article, “How to Build a Bank,” Legal Post (February 24, 2012)
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