The Globe and Mail reports in its Friday edition that Ottawa plans legislative changes in the federal budget to enhance competition in Canada's banking sector. The Globe's James Bradshaw and Stefanie Marotta report that Ottawa plans to amend the law governing the Office of the Superintendent of Financial Institutions to include a "secondary competition objective" alongside its current mandate of ensuring a stable financial system. Further amendments to the acts governing banks, trust companies and insurers will establish a one-year timeline for making decisions on applications to create new banks, the budget says. OSFI superintendent Peter Routledge has already been keenly focused on bringing competition and innovation into Canada's highly concentrated banking sector. Canada's banking industry is dominated by the Big Six banks that hold more than 90-per-cent market share. In June, Mr. Routledge launched a pilot project that could strip years off the process to become a bank in a bid to bring more competitors into the market. Over the next decade, OSFI will have to regulate through a period of immense change in the financial sector, Mr. Routledge said in October. "Canadians want more competition," he said at the time.