LePan named new OSFI head

With the seven-year term of current superintendent John Palmer coming to a close, Nicholas LePan will become the government’s top watchdog of financial institutions. Formerly deputy superintendent, Le Pan will become head of the Office of the Superintendent of Financial Institutions (OSFI) for a similar seven-year term.

Among Le Pan’s responsibilities will be overseeing the financial soundness of federally licensed property and casualty insurers, as well as banks, life insurers and pension plans. He will also usher in the new financial services legislation, formerly Bill C-8.

Le Pan has been with OSFI since 1997, and before that was in the Department of Finance as special advisor to the deputy minister and assistant deputy minister. He also headed up the government’s task force that penned a white paper on the supervisory regime for deposit insurance and policyholder protection.

During his reign, Palmer brought attention to OSFI’s role as a risk-based regulator and a focus on acccountability. Prior to joining OSFI, he was managing partner for Canada at KPMG. He plans to return to the private sector, OSFI reports.