Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 09 MARCH 2020

Advisory Committee On Open Banking Provides Update On Consumer-Directed Finance In Canada

Miller Thomson
Miller Thomson
Contributor

Miller Thomson

Miller Thomson LLP ("Miller Thomson") is a national business law firm with approximately 500...

View firm profile
Explore more from Miller Thomson

On January 31, 2020, the Advisory Committee on Open Banking (the "Committee") released a report on "Consumer-directed finance: the future of financial services" (the "Report").

CanadaFinance and Banking
Myron Mallia-Dare
Myron Mallia-Dare
Paul Sahota
Paul Sahota
Author LinkedIn connections

Overview

On January 31, 2020, the Advisory Committee on Open Banking1 (the “Committee“) released a report on “Consumer-directed finance: the future of financial services” (the “Report“).

The Report was in connection with the Committee's consultation process and recommends the development of a framework for open banking to allow the implementation open banking legislation in Canada.

What is consumer-directed finance?

The Committee introduced the term “consumer-directed finance” as an encompassing concept that includes open banking. Consumer-directed finance allows consumers to more readily and easily share their financial information held by their financial institution with other third parties, ultimately allowing them to access a broader range of financial services. The third parties could include alternative financing sources such as FinTech companies or credit unions.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

2026 Federal Budget: Highlights Affecting Financial Services

The 2026 Federal Budget (“Budget 2026”) proposes to grow the Canadian financial services sector, while introducing multiple checks on possible risks raised by new bank entrants and innovative technology. It also builds out existing policy measures to support digital innovation and combat fraud. There are various other measures that may be of interest to financial service providers in banking, insurance and payments.
CanadaFinance and Banking
Fasken
Fasken
Article

Open Banking Milestone: Draft Supervisory Guidelines For Consumer-Driven Banking Released

The Bank of Canada (the “Bank”) has published two proposed guidelines relating to the accreditation process for prospective participants under the Consumer-Driven Banking Framework: the Participating entity accreditation application requirements under the Consumer-Driven Banking Act (the “Participating Entity Guideline”) and the Third-party service provider accreditation application requirements under the Consumer-Driven Banking Act (the “TPSP Guideline”).
CanadaFinance and Banking
Fasken
Fasken
Article

A New Structure Enters The Ring: CIRO’s Incorporated Approved Person Compensation Proposal

The Canadian Investment Regulatory Organization’s (CIRO) proposed Incorporated Approved Person model could materially change how client-facing advisors structure their businesses and receive compensation with significant impacts to sponsoring firms. The proposed rule amendments, published on July 9, 2026, would introduce a harmonized incorporated compensation option for client-facing Approved Persons across CIRO regulated dealers. Comments are due November 6, 2026.
CanadaFinance and Banking
Borden Ladner Gervais LLP
Borden Ladner Gervais LLP
Article

Canada’s Revised AML Framework: Sweeping Penalties And Compliance Requirements

Bill C-12 has fundamentally transformed Canada's anti-money laundering framework by introducing penalties up to forty times higher than previous levels and expanding compliance obligations across the financial sector. The legislation now requires all reporting entities to enroll with FINTRAC and maintain "reasonably designed, risk-based and effective" compliance programs, while imposing cumulative maximum penalties that can reach 3% of global revenue.
CanadaFinance and Banking
Miller Thomson
Miller Thomson
Article

The Regulatory Landscape For Mortgage Services In British Columbia Is About To Change Significantly…

On October 13, 2026, British Columbia’s new Mortgage Services Act, S.B.C. 2022, c. 27 (the “MSA”) will come into force and effect, replacing the longstanding Mortgage Brokers Act, R.S.B.C. ch. 313 (the “MBA”). The MSA introduces a modernized regulatory framework for mortgage service providers, including expanded licensing requirements, increased disclosure obligations, enhanced enforcement tools, and significantly higher penalties for non-compliance.
CanadaFinance and Banking
Watson Goepel LLP
Watson Goepel LLP
Article

Quebec’s New Truck Licence Transfer Rules: What Ontario Carriers Need To Do Now

Ontario commercial truck drivers with less than two years of heavy-truck experience must now pass a practical road test administered by Quebec's SAAQ before transferring their licence to operate heavy vehicles in the province. This new requirement follows fatal collisions and an Ontario Auditor General audit that exposed significant gaps in training standards and provider oversight. Carriers operating across the border need to factor these requirements into workforce planning, recruitment timelines, and dis
CanadaTransport
Miller Thomson
Miller Thomson
Article

Nouvelles règles québécoises sur l’échange des permis de conduire de véhicules lourds : quelles sont les mesures à prendre par les transporteurs ontariens

Ontario truck drivers with less than two years of commercial heavy vehicle experience must now pass a practical road test administered by Quebec's SAAQ before exchanging their license to drive commercial heavy vehicles in the province. This new requirement follows a series of collisions involving heavy trucks in Quebec and a May 2026 audit revealing significant gaps in Ontario's training standards and oversight of providers. Carriers operating across the Ontario-Quebec border must now factor these requireme
CanadaTransport
Miller Thomson
Miller Thomson
Article

Canada’s Revised AML Framework: Sweeping Penalties And Compliance Requirements

Bill C-12 has fundamentally transformed Canada's anti-money laundering framework by introducing penalties up to forty times higher than previous levels and expanding compliance obligations across the financial sector. The legislation now requires all reporting entities to enroll with FINTRAC and maintain "reasonably designed, risk-based and effective" compliance programs, while imposing cumulative maximum penalties that can reach 3% of global revenue.
CanadaFinance and Banking
Miller Thomson
Miller Thomson