What you need to know about the banking industry and how it works in Canada.
article What is the financial industry?
The banking industry is a large part of Canada’s economy.
In Canada, it’s made up of both government-owned and private sector banks, insurance companies, investment banks, savings banks and credit unions.
Its main purpose is to provide services to individuals, businesses and governments, including mortgages, mortgages insurance, credit card processing, credit union servicing and other financial services.
The industry is governed by a series of laws, including the Financial Consumer Protection Act (FCPA), the Bank Act and the Financial Institutions Act (FIA).
The banking sector operates a network of banks and other entities that provide a wide range of financial services, from credit cards to credit scores and consumer finance products.
What do banks do?
Banks are the biggest provider of credit cards, which are used by Canadians to buy and borrow goods and services.
They also serve as the backbone of the financial system.
Banks provide services through the payment systems that are designed to make it easy for consumers to transfer money between banks, online and over the phone.
A number of banks are private, so their operations are not regulated by the federal government.
The largest Canadian bank, the Bank of Montreal, is the country’s largest, and Canada’s second largest, with assets of $9.6 trillion.
The biggest Canadian banks are Canadian-owned, with $2.7 trillion in total assets, according to the Bank for International Settlements.
A Canadian bank can only be state-owned if it’s state-sponsored.
The Bank of Canada is a state bank.
Other banks that have a significant presence in Canada include the Bank de la Caisse de Montreal, which is the second largest Canadian banking group, and TD Bank, which has assets of more than $7 trillion.
What are the financial services that banks offer?
Banks also provide many financial services to Canadians, including mortgage, credit cards and investment banking, as well as financial planning, investment strategy and portfolio management.
They include money market funds, commercial banks and investment banks.
A large part or majority of the money in Canada’s banks is invested in government securities, which can include stocks, bonds and ETFs.
In addition, the banking sector also offers credit to households, companies and other businesses.
In recent years, the financial sector has seen a surge in investment banks and large financial companies.
The Canadian Association of Credit Unions says there were more than 20,000 credit union branches operating in Canada in 2015, up from fewer than 15,000 in 2006.
The Financial Services Association of Canada says that financial institutions, including banks, have seen an unprecedented increase in membership in the past decade.
What is financial intermediation?
Financial intermediation is the practice of making financial arrangements with financial institutions and third parties, including other banks.
Financial intermediaries include brokers, money market dealers and other companies that provide services for the purpose of facilitating transactions between parties.
Examples of financial intermediaries are brokerages that act as financial advisers, mortgage lenders and investment firms that manage money and investment accounts.
Some types of financial contracts include agreements between parties to make loans, deposits, insurance and other products.
In some cases, financial intermediary companies may also act as credit rating agencies, rating companies and investment advisers.
The Federal Court of Canada has ruled that brokerages, investment advisers and credit rating companies must not provide services as financial intermediators.
The federal government, in 2015 and 2016, made changes to the Financial Services Act to prohibit financial intermediers from making payments to credit unions that they’re not authorized to act as.
The changes were implemented in March 2017.
What’s the impact of the recent changes?
The Federal Government introduced legislation in July 2018 to make financial intermediations more difficult for Canadian banks to provide to financial institutions.
It required financial institutions to obtain written permission from the Financial Regulatory Commission of Canada (FRCC) before providing certain financial services such as the mortgage insurance products that banks are required to provide.
The law also made it a crime to act in a way that would make a financial intermediary a financial institution, or to act on behalf of a financial service provider to facilitate a transaction with a financial services company.
This law has also led to the formation of new non-financial financial services firms, such as credit unions and savings banks.
What about the future?
This is not the end of the story.
In June 2018, the Federal Court ruled that the law did not violate the Charter of Rights and Freedoms.
However, the Court ruled in favor of a group of Canadians who challenged the law on the grounds that it was vague and did not cover the entire financial industry.
The Supreme Court of Quebec upheld the Federal Government’s ruling in June 2019.
The ruling is still under appeal.