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Week 10 - Confederation Life and RBC [p1]

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Administrative Studies
ADMS 1010
Yong Troy

Week 10Confederation Life and RBC ADMS 1010TroyPart IProfile of the Financial Services Industry in CanadaThe financial services sector is incredibly varied The financial services sector is a significant contributor to Canadas economic growth employing over 750000 Canadians in 2007 The sector represented over 6 of Canadas gross domestic product in 2007 up from 5 in 2000 and contributed approximately 78 billion to GDPOver 60 billion in acquisitions have happened outside of Canada by our financial services sector which is widely considered one of the most highly developed financial services sectors in the worldThis is anchored by what is deemed to be the worlds strongest banking systemThe financial services sector plays a critical role in a market economyo Provides capital for business growth both established businesses and new businesses alikeo The financial services industry helps government finance debt issues through the sales of bonds or other financial instruments that allow government cooperate programs that benefit society o Also provides every day for financial transactions including chequing savings and wealth managementForeign investment in our financial services sector is high accounting for 54 billion in 2006 Canadian life and health insurance companies sell their policies outside of Canada as well accounting for an additional 777 billion in premiums generated outside of the countryMade up of many different types of businesses o Banks o Trust and loan companies o Credit unions and caisses populaireso Life and health insurance companies o Property and casualty insurance companies o Securities dealers and exchanges o Mutual fund companies and distributorso Finance and leasing companieso Independent financial advisorso Pension fund managers o Independent insurance agents and brokers
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