compliance-AdobeStock_Parradee_AdvFederal banking regulators launched a consultation Thursday on a proposed new regime for encouraging high standards for senior management at the largest financial institutions. As part of its first quarterly release of new policy work for 2026, the Office of the Superintendent of Financial Institutions (OSFI) issued a paper on governance and accountability for the boards and senior personnel at financial institutions. The consultation, which is slated to run for nine months (to Oct. 31), sets out the regulator’s proposed principles-based approach to modernizing suitability and accountability standards for senior industry leaders. “Strong senior leader accountability helps institutions stay resilient, manage risk and maintain public trust. Through this release, OSFI aims to improve prudential clarity without over-burdening institutions or compromising the resilience of Canada’s financial system,” said Peter Routledge, Superintendent of Financial Institutions, in a release.