Overview

• Financial Consumer Agency of Canada Commissioner Shereen Benzvy Miller confirmed at a Toronto conference that open banking remains on schedule under Prime Minister Mark Carney’s government.
• The regulator is working with the Department of Finance to establish consumer protection, privacy and security standards for the new framework.
• An accreditation process is being designed to allow a broad range of fintech firms to securely access financial data under defined requirements.
• Ottawa plans to phase out unsecured screen scraping once the open banking system is fully operational.
• The federal government has pledged to introduce the remaining open banking legislation at the earliest opportunity, though it has not provided a specific timeline.