COMMERCE 1B03 Chapter Notes - Chapter 15: Credit Union, General Insurance, Canadian Securities Administrators
11 Mar 2014
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Document Summary
The financial services sector plays and important role in the canadian economy, as it: Provides a yearly payroll of more than million. Represents 6% of canada"s gdp, exceeded only by the manufacturing sector. Yields more than billion in tax revenue to all levels of government. Is widely recognized as one of the safest and healthiest in the world. The financial services were termed a four-pillar system . Regulation designed to foster competition within each pillar but not among them. Today, changes in regulations have eliminated the barriers that prohibited financial institutions from competing in each other"s business. Non-profit, member-owned financial co-operatives that offer a full variety of banking services to their members. A financial institution that can administer estates, pension plans, and agency contracts, in addition to other activities conducted by banks. Financial organizations that accept no deposits but offer many services provided by regular banks. Examples: insurance companies, pension funds, brokerage houses, finance companies.
