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ARTICLE · 12 AUGUST 2021

Federal Government Releases Final Report On Open Banking

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On August 4, the Minister of Finance released the Advisory Committee on Open Banking's final report —marking the completion of the Committee's mandate.

CanadaFinance and Banking
Brigitte Goulard
Brigitte Goulard
Ronak Shah
Ronak Shah
William R. Walters
William R. Walters
Blair Keefe
Blair Keefe
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On August 4, the Minister of Finance released the Advisory Committee on Open Banking's (the Committee) final report (the Report)—marking the completion of the Committee's mandate. The Committee's Report discusses the Committee's findings from their second phase stakeholder consultation, which focused on issues of consumer privacy and security. More importantly, the Report provides the government with an 18-month road map to implementing open banking in Canada.

What you need to know

  • The Committee recommends that the government implement a hybrid, made-in-Canada approach which recognizes the important and distinct roles of government and industry. Under this hybrid approach, the government will establish the policy objectives, oversee the consultation process, set the framework and timelines, while the industry will manage the implementation and administration of the system.   

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