In a speech at Open Banking Expo Canada 2025, Financial Consumer Agency of Canada (FCAC) Commissioner Shereen Benzvy Miller set out progress on implementing and overseeing Canada’s Consumer-Driven Banking Framework, with an emphasis on building a secure alternative to screen-scraping and establishing safeguards intended to support consumer trust. The Commissioner pointed to FCAC research showing low awareness of open banking (9% of Canadians) and a strong stated preference against screen-scraping once explained (86% would rather not use it). She outlined foundational elements in the Consumer-Driven Banking Act, which came into force in 2024, including FCAC’s role in implementing and overseeing the framework and the Minister of Finance’s power to designate a technical standards body to develop secure application programming interface standards. FCAC is working with the Department of Finance to develop common rules covering consumer protection as well as privacy, liability, security, national security and integrity obligations, and is developing an accreditation process under which trusted entities would qualify to access consumer-authorized data and display a common visual identifier. Desired elements of accreditation referenced in public policy statements include national security safeguards aligned with existing financial sector frameworks such as the Retail Payment Activities Act, regular mandatory reporting to FCAC, and robust cybersecurity and data-protection practices that support compliance with consumer protection common rules. Next steps flagged in the speech include further legislative amendments to be tabled by the Minister of Finance, followed by regulations, FCAC supervisory guidance to clarify expectations for industry participants, and the establishment of an advisory committee including federal, provincial and territorial government members.
Financial Consumer Agency of Canada 2025-06-17
Financial Consumer Agency of Canada outlines next steps for Canada’s consumer-driven banking framework including accreditation and common rules
At Open Banking Expo Canada 2025, FCAC Commissioner Shereen Benzvy Miller highlighted progress on Canada's Consumer-Driven Banking Framework, emphasizing secure alternatives to screen-scraping and consumer trust safeguards. FCAC research shows low awareness of open banking and a preference against screen-scraping. The framework includes the Consumer-Driven Banking Act, FCAC's oversight role, and collaboration with the Department of Finance on consumer protection and security standards.