Who is responsible for regulating segregated funds in Canada?

The responsibility for regulating segregated funds in Canada primarily lies with provincial insurance regulators. Segregated funds are considered insurance products, and as such, they fall under the jurisdiction of provincial insurance legislation. Each province has its regulatory body that oversees the insurance industry, including the sale and management of segregated funds. These regulators ensure that segregated funds meet specific standards and comply with legislation, providing consumer protection and maintaining market integrity.

While federal finance regulators and organizations like the Canadian Securities Administrators play roles in the broader financial landscape, they do not specifically regulate segregated funds. International financial oversight boards also do not have authority over domestic products such as segregated funds, which are governed by local legislation. Thus, provincial insurance regulators are the correct authority for overseeing these financial products in Canada.