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ARTICLE · 29 NOVEMBER 2023

Financial Services Sector Announcements In 2023 Fall Economic Statement

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On Nov. 21, 2023, the Government of Canada released its 2023 Fall Economic Statement (FES 2023). Although FES 2023 contained no new draft legislation relevant to the government's...

CanadaFinance and Banking
Alana Scotchmer
Alana Scotchmer
Kavivarman Sivasothy
Kavivarman Sivasothy
Parna Sabet-Stephenson
Parna Sabet-Stephenson
Adam Garetson
Adam Garetson
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On Nov. 21, 2023, the Government of Canada released its 2023 Fall Economic Statement (FES 2023). Although FES 2023 contained no new draft legislation relevant to the government's oversight of the financial services sector, FES 2023 contained a number of important announcements for the sector described in greater detail below.

Please refer to Gowling WLG's complementary report Tax Measures Announced in 2023 Economic Statement for details on tax-related announcements contained in FES 2023.

Consumer-driven banking

The much-anticipated introduction of open banking in Canada features in FES 2023 with a new name: consumer-driven banking. The federal government will introduce legislation through Budget 2024 to establish a consumer-driven banking framework that would regulate access to financial data, permitting individuals and businesses to securely transfer their financial data to different financial service providers.

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