The financial services sector would be a vital component of the Canadian economy if measured according to its output and employment alone. It is more than that, however, because the efficiency and effectiveness of the financial sector is critical to economy-wide performance. The financial sector constitutes the infrastructure of commerce; financial intermediation is also the mechanism that facilitates risk-sharing and risk mitigation, as well as regional and intertemporal exchange of financial assets and obligations. These factors warrant special attention to the policy influences on the financial sector’s performance.

The C.D. Howe Institute’s Financial Services Research Initiative is a multi-year program organized by the Institute to report and advise on financial sector policy. Its unique work program addresses the economic environment within which financial intermediation takes place, the regulatory environment, and the future of financial intermediation. The Initiative is informed by regular meetings of experts in the sector, policymakers and supporters engaged in the financial services sector, including financial intermediaries, securities market participants and their regulators, among others. The Initiative is chaired by Nicholas Le Pan, former Superintendent of Financial Institutions for Canada. The Initiative publishes research by prominent scholars from academia, associations, and the private and public sectors.


Nicholas Le Pan

Director, CIBC


Greg Cowper

Managing Director, Policy, Insurance and Emerging Risk, Canada Deposit Insurance Corporation

John Crean

University of Toronto

Chris Donnelly

VP & Counsel, Industry, Regulatory and Government Affairs, Manulife Financial
Lester Fenandes

Lester Fenandes

Head, Corporate & Commercial Banking, ICICI Bank Canada
Don Forgeron

Don Forgeron

President and CEO, Insurance Bureau of Canada
Stephen Frank

Stephen Frank

President, Canadian Life and Health Insurance Association Inc.
Louis Gagnon

President, Canadian Operations, Intact Financial Corporation
Rob Galaski

Rob Galaski

Head of Financial Services, Americas Region, Deloitte

Curtis Gergley-Garner

Chief Risk Officer, Canada Guaranty

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