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.

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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.

Canada's financial sector: an industry in transformation
The Canadian financial sector has proven its strength over the years, including, notably, in response to the 2008 financial crisis. In this article, we explore the financial sector’s digital transformation, and trends that will shape the industry in the months and years ahead.
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  • Four key trends to watch in financial services M&A
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  • Financial advisors and contested transactions
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  • The next generation of regulatory capital has arrived in Canada
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  • As the pandemic accelerates digital transformation, competition risk mounts for financial services
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  • How will Canada reinvent its payments framework for a post-pandemic digital reality?
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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?

Mitigating the risks of litigation and enforcement action: strategies for financial institutions
We have seen an increasing focus on consumer protection in litigation and regulatory activity involving financial institutions.
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  • Guidance for industry participants as anti-money laundering examinations restart
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  • Regulators ramping up on the fair treatment of customers in the life insurance sector
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  • Roadmap for the new financial consumer protection framework
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  • Contracting-as-a-Service: an opportunity to transform the contracting lifecycle
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  • Key privacy and cybersecurity issues financial institutions should be thinking about
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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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