The US fashion designer Tommy Hilfiger once said that it was a mistake to rely on past successes, “because then you become complacent”. Whether or not Julie Dickson, Canada’s leading financial regulator, is a dedicated follower of fashion, she is certainly not going to fall into the complacency trap.
Canada’s financial system, its banks and its regulators have been praised countless times for weathering the 2008/09 financial crisis better than any Western economy. The country had, and still has, well-capitalised and well-managed financial institutions, taking carefully calculated risks. Its banking system has been ranked the most sound in the world for the past five years by the World Economic Forum.
