Recorded on March 5, 2026
Canada’s banking system is often described as one of the
strongest in the world — but even strong systems face real risks.
Peter Routledge, Superintendent of Financial Institutions, joins
In the Money with Amber Kanwar for a rare conversation about the
health of Canada’s financial system and what still keeps the
country’s top banking regulator up at night.
Routledge discusses the key risks his office is watching closely
right now — from rising U.S.-Canada trade tensions to
vulnerabilities in Canada’s mortgage market. He explains how
regulators think about household debt, refinancing risk, and the
resilience of borrowers as higher rates work their way through
the system. At the same time, he stresses that Canadian banks are
entering this period from a position of strength and have ample
capital to absorb shocks, a core reason he believes the system
remains resilient.
The conversation also explores emerging risks building outside
traditional banking, including the rapid growth of private credit
and private equity, areas where regulators are paying closer
attention as banks deepen their exposure through financing,
partnerships, and fund investments. Routledge also explains how
OSFI is adapting supervision for a faster-moving financial world,
why regulators are pushing institutions to strengthen resilience
before problems emerge, and how capital buffers and stress
testing help ensure Canada’s financial institutions can withstand
unexpected disruptions.
Routledge also reflects on his tenure leading Canada’s banking
watchdog — which has two years remaining — and why he has
actually grown more optimistic about the strength of the system
during that time. Despite a more uncertain economic backdrop, he
explains why he believes Canada’s banks and insurers are better
prepared than ever to handle whatever comes next.
Timestamps
01:20 Intro
03:40 How the regulator is thinking about the banking
sector
05:50 What is the key to the banks strength & safety?
08:50 Bank fears around NAFTA 2.0
12:30 Risks in the mortgage market
17:00 Defending the stress test
24:30 Are the banks overcapitalized?
27:10 OSFI’s Annual Risk Outlook
28:30 Risks in private equity & private credit
36:00 Increasing competitiveness in the banking sector
43:20 Why did the regulator green light consolidation?
45:30 Peter’s thoughts on board responsibility
48:00 How has Carney informed priorities?
51:00 How Peter has evolved as regulator
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DISCLAIMERS
The information provided in this podcast is for informational
purposes only and does not constitute financial, investment, or
professional advice.The views expressed by the host and guests
are their own and do not necessarily reflect the opinions of any
organization or company. The host and guests may maintain
positions in any securities discussed on the podcast. Always
consult with a qualified financial advisor or professional before
making any investment decisions.
In the Money delivers expert stock picks, actionable ideas, and
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Kanwar, each episode features interviews with top portfolio
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everything from ETFs and Canadian stocks to global investing
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