Paul Jenkins, a former senior deputy governor at the Bank of Canada, and Gordon Thiessen, the former governor of the central bank, have warned Canada not to rest on its laurels with regard to bank oversight.

"While Canada's system of regulating and supervising financial institutions has been held up as a model of good performance, changes can and should be made," the authors said.

The commentary piece was published by the C D Howe Institute, an independent not-for-profit research organisation