Cross-border payments and settlements will be facilitated by the removal of unnecessary financial obstructions and constraints. Secondly, the elimination of geographic constraints will facilitate the extension of services and the movement of people across borders and finally, optimum use will be made of scarce resources.
FISC and SAC provide forums for the Federal Deputy Minister of Finance, the Superintendent of Financial Institutions (OSFI), the Governor of the Bank of Canada, the Chair of Canada Deposit Insurance Corporation (CDIC), and the Commissioner of the Financial Consumer Agency of Canada (FCAC) to share information, coordinate actions, and advise the federal government on financial sector policy.