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ARTICLE · 16 DECEMBER 2024

Hurtling Towards The Future: Regulatory Development In The Financial Services Sector

Osler, Hoskin & Harcourt LLP
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The pace of regulatory change in financial services continues to be relentless.

CanadaFinance and Banking
Victoria Graham
Victoria Graham
Elizabeth Sale
Elizabeth Sale
Klara Franklyn
Klara Franklyn
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The pace of regulatory change in financial services continues to be relentless. Key changes occurred in 2024 that are likely to have a continued impact on financial service providers in the coming year. These developments include the implementation of the new retail payments regime, which captures a wide variety of participants. Significant changes lowering the interest rate that can be legally charged to consumers come into force early in 2025, with more changes potentially to follow. The Code of Conduct for the Payment Card Industry in Canada has been updated to include new disclosure obligations. Consumer-driven finance, commonly referred to as open banking, may be gaining traction.

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