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The Regulatory Environment

Last modified: 10 March 2010

The federal Parliament has exclusive legislative authority over banks and the business of banking as set out by the Constitution Act of 1867.

The environment in which Canada’s banks operate and serve their customers is changing rapidly. Technology is dramatically changing the way in which consumers conduct their financial affairs, offering them far greater choice and wider access to financial services than they have ever had before. There is increasing competition from a variety of sources including large, specialized financial services companies, both domestic and foreign. Not all these service providers are subject to the same degree of regulation as Canada’s bank financial groups.

In this section, you can learn more about the regulatory environment in which banks operate. Canada's banks have also developed and are committed to several voluntary commitments and codes of conduct to protect consumers.