FDATA North America Statement on Deputy Prime Minister Freeland’s FES Implementing Consumer-Driven Finance Directives

by rebecca

Contact: Laine Williams, (202) 897-4757, [email protected] 

November 21, 2023 Washington, DC – The Financial Data and Technology Association of North America (FDATA), a trade association representing more than 30 financial technology companies and consumer-permissioned data access platforms in Canada and the United States, today applauded the inclusion of consumer-driven finance in the 2023 Fall Economic Statement (FES).  

Steve Boms, Executive Director of FDATA, released the following statement:  

“We are greatly encouraged by Deputy Prime Minister and Finance Minister Freeland’s commitment to advance consumer-driven finance in Canada. The inclusion of consumer-driven finance in the FES marks a significant step for the financial empowerment of consumers and for small and medium-sized enterprises, for fostering a more innovative Canadian financial services marketplace, and for promoting a fairer and more inclusive financial services ecosystem. It reflects a global trend towards consumer-centric financial services, and brings Canada in line with the regimes established by nearly every other G-7 nation.  

We applaud the comprehensive consumer-driven finance framework announced in the FES and look forward to working closely with the Government of Canada as it delivers consumer-driven finance through next year’s budget to benefit all Canadian consumers and businesses.” 

Additionally, we have received supportive comments from our member groups, highlighting the significance of these developments. Tanya Woods, Head of Government and Regulatory Affairs & Policy Counsel at Questrade Financial Group, a member of FDATA, stated

“We welcome today’s announcements on open banking which will give Canadians more power over their financial wellbeing. These are positive developments towards a fulsome and competitive open finance framework which we will continue to advocate for.” 

Faye Pang, Canada Country Manager, Xero, provided the following statement: 

“We are incredibly energized by the language in the FES that supports the progress of open banking and applaud Deputy Prime Minister and Finance Minister Freeland for their support. A fair, fast, and efficient open banking system can not only open up new avenues of capital, but help small business owners focus on what’s important: running their business. Today’s commitments noted in the FES take us one step closer to achieving this vision.”