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ARTICLE · 20 AUGUST 2021

Advisory Committee On Open Banking Releases Final Report

Osler, Hoskin & Harcourt LLP
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On August 4, 2021, the Advisory Committee on Open Banking (the Committee) released its Final Report, which includes 34 recommendations for the implementation of an open banking system in Canada.

CanadaFinance and Banking
Elizabeth Sale
Elizabeth Sale
Adam Kardash
Adam Kardash
Wendy Gross
Wendy Gross
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On August 4, 2021, the Advisory Committee on Open Banking (the Committee) released its Final Report, which includes 34 recommendations for the implementation of an open banking system in Canada. The Final Report suggests that an open banking system could be operational by January 2023 and should consist of a made-in-Canada approach that recognizes the potential for government and industry to collaborate, each with appropriate roles.

The Final Report follows the Committee's initial report, Consumer-Directed Finance: The Future of Financial Services, which was released on January 31, 2020.

Recommendations from the Final Report

The Final Report outlines a vision for what an open banking system should offer Canadian consumers and makes recommendations on the scope, governance, common rules, accreditation, and technical specifications and standards required to achieve it.

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