Q4 | Torys Quarterly • Winter 2020

The Race to Transform: Canada's Financial Services

The financial services sector in Canada has shown resiliency and agility under unprecedented conditions. We share our 360-degree review of the state of an industry undergoing significant technological, operational and regulatory transformation. Here is the latest commentary from Torys.


Included in this report:

Market trends

As uncertainty persists, banks and others in the financial services are adjusting their approach to engage in M&A, address rising competition and strategically grow their business.

In the wake of the pandemic crisis, issues continue to evolve, and increasingly, antitrust authorities are being asked to expand their market scrutiny and enforcement action.
— As the pandemic accelerates digital transformation, competition risk mounts for financial services

Managing risk

Financial institutions are in the midst of digital transformation on one hand, and a regulatory transformation on the other. What risks need to be kept in mind on the road ahead?

Financial institutions should be mindful of this expanded role of the FCAC and its enhanced powers to sanction by enhancing their compliance with financial consumer protection requirements.
—  Mitigating the risks of litigation and enforcement action: strategies for financial institutions

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