Canada’s Finance Ministry is moving closer to launching a national open banking framework, following years of stakeholder consultations aimed at fostering innovation, transparency, and consumer empowerment in the financial sector.
The Consumer-Driven Banking Act, passed by the House of Commons in June 2024, laid the groundwork by defining the scope and technical standards for open banking and naming the Financial Consumer Agency of Canada (FCAC) as the lead regulatory authority.
As outlined in the government’s 2024 Fall Economic Statement, upcoming legislation will cover the remaining pillars of the Consumer-Driven Banking Framework, including accreditation processes and common rules around national security, liability, and privacy protections.
According to Marie-France Faucher, spokesperson for the Department of Finance, the government remains committed to introducing these final elements “at the earliest opportunity” to ensure Canadians can securely access and share financial data through trusted channels. The initiative aims to enhance competition, reduce costs, and improve financial outcomes for consumers and businesses alike.
