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ARTICLE · 28 NOVEMBER 2023

Financial Services And Consumer Protection Regulatory Update

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The Canadian federal government delivered the 2023 Fall Economic Statement on November 21, 2023. Measures respecting consumer protection, banking, and financial crime were introduced...

CanadaFinance and Banking
Suhuyini Abudulai
Suhuyini Abudulai
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2023 FALL ECONOMIC STATEMENT

The Canadian federal government delivered the 2023 Fall Economic Statement on November 21, 2023. Measures respecting consumer protection, banking, and financial crime were introduced, including the following:

  • Open banking. The long-awaited legislative framework for open banking in Canada has been announced. The federal government will introduce legislation through Budget 2024 to establish a consumer-driven banking framework that would regulate access to financial data. Concurrently with the 2023 Fall Economic Statement, the federal government released a policy statement intended to help guide industry as the consumer-driven banking framework is implemented.

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