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ARTICLE · 14 FEBRUARY 2020

"No Going Back" On Consumer-Directed Finance: Advisory Committee Report On Open Banking

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On January 31, the Minister of Finance released the Advisory Committee on Open Banking's (Committee) report, "Consumer-directed finance: the future of financial services" (report),

CanadaFinance and Banking
Ronak Shah
Ronak Shah
Marissa Daniels
Marissa Daniels
Brigitte Goulard
Brigitte Goulard
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On January 31, the Minister of Finance released the Advisory Committee on Open Banking’s (Committee) report, “Consumer-directed finance: the future of financial services” (report), which announced that the Government will move forward to enable consumer-directed finance. The Minister announced that the Committee, for the second phase of its ongoing consultation on open banking, will focus on providing advice on potential solutions and standards that enhance consumer privacy and security1.

What you need to know

  • The Committee found during its consultation the term “open banking” is often misunderstood and that “consumer-directed finance” more accurately reflects what is intended, providing better control over and protection of their financial data.

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