Federal financial regulator still hasn't released transparency document six months after rest of public service

The Office of the Superintendent of Financial Institutions in downtown Ottawa hasn't released its 2026-2027 departmental plan but has committed to slashing its workforce by 82 positions. Photo by Tony Caldwell /POSTMEDIA

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A federal financial agency, responsible for ensuring disclosure from the financial institutions it regulates, has not disclosed one of its own transparency documents six months after all other government organizations released them.

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The Office of the Superintendent of Financial Institutions (OSFI) is tasked with regulating and supervising more than 350 financial institutions and 1,200 private pension plans for employees working in federally regulated industries.

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Months behind every other department and agency, OSFI has yet to release its departmental plan — a key transparency document and major milestone in the federal government’s annual budget reporting and approval cycle — for the current fiscal year.

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Departmental plans are spending documents that describe the priorities, programs and resource needs of each federal government organization over a three-year period.

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OSFI’s plan was absent.

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In response to a request from the Ottawa Citizen, OSFI spokesperson Scott McLarens said the plan was “not yet available” but was “expected to be released in the coming weeks.”

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Pressed for a more specific release date, McLarens said, “we are waiting for the tabling in Parliament to be scheduled and cannot offer more information.”

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After the Citizen followed up in May, spokesperson Cory Harding said the agency had “nothing to add,” but would post the plan on its website once it was tabled — a statement he reiterated in another response this week.

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Parliament rose for its summer break on June 18 and will return for its fall sitting this upcoming Monday, Sept. 21.

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When reached for comment in May, Department of Finance spokesperson Benoit Mayrand, said the release of OSFI’s departmental plan would be “forthcoming.”

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On Sept. 16, Marie-France Faucher, another spokesperson for the Department of Finance, said in an email that departmental plans may be tabled at different times and “OSFI remains compliant with its reporting obligations.”

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“With the House set to resume next week, tabling will once again be possible,” she said. “OSFI‘s 2026–27 Departmental Plan will therefore be tabled in due course.”