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ARTICLE · 29 DECEMBER 2021

Canadian Industry Responds To Final Report On Open Banking

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Senior financial services executives across the country recently participated in a survey regarding the Final Report on open banking (the "Report") from Canada's Advisory Committee (the "Committee")...

CanadaFinance and Banking
Darcy Ammerman
Darcy Ammerman
Ricki-Lee Williams
Ricki-Lee Williams
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Senior financial services executives across the country recently participated in a survey regarding the Final Report on open banking (the "Report") from Canada's Advisory Committee (the "Committee"), released in August 2021 (see our related bulletin series here). The survey results1 highlight key areas of interest and concern of stakeholders within the financial services industry on the proposed open banking framework.

The overall results of the survey demonstrate that industry members are eager to move forward with implementing open banking in Canada, despite how lengthy the process has been since the Department of Finance first established the Committee in 2018.

While the Report was a welcome step forward, the survey demonstrates that several questions remain unanswered. Indeed, half of respondents noted that the Report did not go far enough to move the conversation from hype to implementation.

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The foregoing provides only an overview and does not constitute legal advice. Readers are cautioned against making any decisions based on this material alone. Rather, specific legal advice should be obtained.

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