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Covid-19 pushes back Canada's open banking review

Covid-19 pushes back Canada's open banking review

Canada is putting the latest stage of its Open Banking review on ice because of the Covid-19 pandemic, according to reports.

This spring, the government-led review was set to consult stakeholders on standards to enhance data protection, examining issues such as governance, consumer control of personal data, privacy, and security.

However, according to the Financial Post, citing emails, the consultation has been delayed until at least autumn because of the pandemic, which is making meetings difficult and is also taking up all of the participants' attention.

There had already been grumblings about the lengthy review process. The Department of Finance Canada set up an Advisory Committee on Open Banking in 2018 to investigate whether the country should follow the UK in making it easier for people to let third party financial services providers access their banking data.

Then, a year ago a consultation paper was published and individuals and organisations were invited to offer their thoughts, leading to a first phase review in February and the beginning of the second phase on security, which has now been put back.

However, the Department of Finance tells the Financial Post that, despite the delay, the committee still plans to deliver its findings later this year.

Comments: (1)

Duane Tough
Duane Tough - PBATM - ny 07 May, 2020, 14:00Be the first to give this comment the thumbs up 0 likes

No Surprose here...any reason to push it out will happen...Canadian FI's do not want to share....especially with new foreign Financial Services Firms and Card Networks....it will fully or partially be postponed again in the fall....IMHO