QUESTION PERIOD — Finance
Open Banking
October 31, 2023
My question is for the Government Representative in the Senate, Senator Gold.
Open banking is about giving consumers and businesses control over their financial data so they can use it for their personal benefit rather than the bank monopolizing its use for its commercial benefit. Inaction is preventing Canadians from securing more affordable, innovative financial services.
In its 2021 election platform, this government committed to implementing open banking by early 2023. Despite Finance Canada having run highly inclusive and transparent consultative processes to develop an implementation plan, no action has been taken. Consequently, Canada continues to fall behind its global peers, who are making their financial sector work harder to create opportunities and reduce costs for their citizens.
Senator Gold, why is the government faltering on its promise to implement open banking at a time of rising costs for Canadians? What is the current timeline?
Thank you.
Thank you for raising and championing the issue, as you have done admirably in this chamber and beyond. I do not know what the timeline is nor do I have an explanation for why legislation has not yet been introduced. I will certainly take your concerns back to the minister and communicate those concerns.
Modernizing our approach is an important objective, and one that I know is being considered and pursued. I will certainly make every effort to understand further and communicate those concerns to the minister.
Thank you, Senator Gold. I hope you do communicate as well that there is risk in inaction that goes well beyond risk in action at this point in time. Consultations have been extensive. The government should be proud of the work they have done, so I would ask that you do communicate that as well.
Thank you.
