What is the primary function of the Office of the Superintendent of Financial Institutions (OSFI)?

The primary function of the Office of the Superintendent of Financial Institutions (OSFI) is to regulate banking institutions in Canada. OSFI plays a critical role in ensuring the safety and soundness of federally regulated financial institutions, including banks, insurance companies, and pension plans. This regulation includes monitoring the financial health of these institutions, assessing their risk management practices, and ensuring they adhere to the necessary laws and regulations. By overseeing these institutions, OSFI works to maintain public confidence in the financial system, thereby protecting the interests of depositors, policyholders, and the overall economy.

Other options do not directly align with OSFI's main responsibilities. While creating mortgage lending policies and advising the government on housing are important aspects of the overall financial landscape, they fall more into the realm of specific policy-making or advisory roles that other organizations or governmental departments may handle. Offering financial education to consumers is crucial for financial literacy but is not a primary function of OSFI, which focuses more on regulation rather than direct consumer education.