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ARTICLE · 23 APRIL 2024

Embracing Transformation: Budget 2024 Charts A Course For A Tech-forward, Consumer-Oriented Financial Services Sector

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With major investments in innovation, a clearer legislative roadmap for open banking and the introduction of sweeping regulatory reforms, Canada's 2024 federal budget...

CanadaFinance and Banking
Parna Sabet-Stephenson
Parna Sabet-Stephenson
Alana Scotchmer
Alana Scotchmer
Adam Garetson
Adam Garetson
Quinn Clement-Schlimm
Quinn Clement-Schlimm
Hyunju (Crystal) Park
Hyunju (Crystal) Park
Natalia Castro
Natalia Castro
Angelica Wilamowicz
Angelica Wilamowicz
Wendy Wagner
Wendy Wagner
Caitlin Schropp
Caitlin Schropp
+1 more
Author LinkedIn connections

With major investments in innovation, a clearer legislative roadmap for open banking and the introduction of sweeping regulatory reforms, Canada's 2024 federal budget (Budget 2024), Fairness for Every Generation, aspires to foster a more modern and inclusive financial services industry – one with technology at its heart, consumers top of mind and an expanded arsenal for fighting financial crime.

Below, Gowling WLG's Financial Services and Technology (FSxT) team breaks down the key announcements poised to move the sector forward.

1. Consumer-driven (open) banking

With respect to open banking (or as referred to by the federal government, "consumer-driven banking"), Budget 2024 announced that the Financial Consumer Agency of Canada (FCAC) will be mandated to oversee, administer, and enforce Canada's open banking framework. Framework legislation was not introduced nor a clear timetable for full implementation established, both which had been anticipated. However,

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