The legislative Branch has as its primary function the creation of laws, through the enactment of legislation. Provincially, the legislative branch is the legislature of the province, variously termed the legislature, House of Assembly, or Provincially parliament. Nationally, the legislative branch is the parliament of Canada, comprised of the House the Commons and the Senate.
The enumerated classes of subjects over which exclusive legislative authority is given to the Parliament of Canada by Section 91 give it the right to regulate the banking industry. It is expressly given jurisdiction over "banking, incorporation of banks, and the issue of paper money. The provinces, on the other hand, are given jurisdiction over other, related, matters.
Historically, the Parliament of Canada had a legislative policy of trying to preserve the tradition of setting apart separate territory of each of the four pillars of the financial services industry. Of course, banks and banking are in federal jurisdiction, but any attempt to regulate and standardize the other three are complicated by provincial jurisdiction in these areas.So, in my point of view, the key pint here is not which one is bigger.