2023 Fall Economic Statement: Key Developments For Financial Services Providers

The 2023 Fall Economic Statement, tabled on November 21, 2023, provided much-anticipated updates on many of the federal government's proposals presented in Budget 2023 [PDF]. The government has subsequently followed up with certain key initiatives by introducing the final regulations to the Retail Payment Activities Act (RPAA) on November 22, 2023, and through the introduction of Bill C-59 on November 30, 2023.

This Update provides a summary of the key progress and incoming measures that are expected to affect financial service providers operating in Canada.

Open banking developments

Although it had appeared that the federal government's interest in open banking had waned, in a surprise move, the federal government announced its intention to introduce legislation through Budget 2024 to establish a consumer-driven (i.e., open banking) framework. This framework would regulate access to financial data, enabling consumers to access their banking information