Contact: Laine Williams, (202) 897-4757, lwilliams@allonadvocacy.com
September 4, 2024, Washington, DC – The Financial Data and Technology Association of North America (FDATA), a consortium of more than 30 financial technology companies providing consumers and small- and medium-enterprises with innovative financial products, services, and tools, today submitted a comment in response to the Canadian Department of Finance’s consultation on Budget 2024 measures to deliver fairness for every generation.
In our submission, we urged the Department of Finance to:
- Ensure All Small and Medium-Sized (“SME”) Accounts Are Included: It’s crucial that SMEs are explicitly included in the scope of Canada’s open finance regime, ensuring they can benefit from innovative financial solutions.
- Mitigate Barriers to Entry for Smaller Participants: We advocate for a tiered accreditation approach that balances rigorous data security requirements with the need to support smaller market entrants, fostering innovation and competition.
- Maintain a Focused FCAC Mandate: The Financial Consumer Agency of Canada (“FCAC”) should maintain a clear and manageable role within the open finance ecosystem, avoiding an overly broad expansion of responsibilities.
- Assign Liability to the Responsible Entity: Liability should rest with the entity responsible for any data breaches, ensuring that consumers and SMEs are protected and compensated fairly.
A full copy of the comment is available here.
