Read CFFiM’s full analysis here.

CFFiM supports the federal government’s objective of establishing a secure, consumer-permissioned framework that gives Canadians and Canadian businesses greater control over their financial data, promotes competition and innovation.

To achieve these objectives, however, the framework must also be practical to implement, competitively neutral, interoperable across financial market participants and coordinated with existing regulatory regimes.

CFFiM’s recommendations to the Department of Finance Canada on the proposed Consumer-Driven Banking Regulations focus on five key priorities:

• Extending streamlined participation pathways to securities market registrants.
•  Supporting fair and effective access to the framework.
•  Avoiding unnecessary regulatory duplication.
• Promptly establishing a technical standards body, and
• Measuring whether the framework is delivering meaningful outcomes—including increased market growth, competition, consumer choice and product innovation.