The government must give consumers the means to share their financial data safely and securely by facilitating Canadian open banking.

That is the recommendation of Canada’s Senate Committee on Banking, Trade and Commerce. The senate released a report, Open Banking: what it means for you, on 19 June.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Specifically, it warns that Canada lags behind the UK and Australia, where open banking is set in a legal framework.

Canadian Open Banking: senate recommendations

The senate proposes that the Financial Consumer Agency of Canada act as the interim oversight body for screen scraping and open banking activities. In addition, the agency will have a mandate to conduct research and public education and respond to complaints.

It is also proposed that funding is given to consumer protection groups to conduct and publicise research on open banking.

Other proposals:

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
  • Facilitate the development of a principles-based, industry-led open banking framework;
  • The federal government should modernise the Personal and Electronic Documents Act to align with global privacy standards, and
  • A consumer right to direct that personal financial information be shared with another organisation.

The report also recommends creating a registry of accredited third-party providers. It also proposes creating an innovation sandbox to test and develop open banking technology.

Senator Doug Black, chair of the committee says: “Canadians are eager to embrace technology that makes their lives easier. The federal government has a responsibility to create an environment in which the use of this technology is truly in consumers’ interests.”

Senator Carolyn Stewart Olsen, deputy chair of the committee adds: “Open banking reveals a lot about ourselves. It is a trove of personal data. Canadians deserve to have control over who has access to that information. Our report clearly shows what the government must do to keep Canadians’ personal information safe.”

The full report is available via the following link: