Credit unions currently offer most of the services banks offer, and there are no barriers in principle to prevent those credit unions which qualify from providing the remaining services in which they have expressed an interest. Insurance and pension funds cover the remainder of the financial services most businesses and households need.
The insurance industry contracted with the exit of Clico, and there has been little recovery since then. Insurance and pension funds look for investment that will yield a good return over the long run, and they are therefore a potential source of funding for capital formation. The weakness of this segment is the limits on the supply of long term finance.