ADVISORY COMMITTEE ON OPEN BANKING FINAL REPORT
On August 4, 2021, the Advisory Committee on Open Banking released its final report. The Report sets out the challenges and opportunities of Open Banking and the proposed scope, governance, rules, accreditation, technical specifications and timeline for implementation. The Committee recommends a timeline for completing the system by January 2023.
The Committee indicated that all federally regulated banks should be required to participate in the first phase of the initiative, and that provincially regulated financial institutions, such as credit unions, should have the opportunity to join on a voluntary basis. Provincially regulated investment firms are specifically not mentioned in the paper. The IIAC will seek clarification on whether they were intended to be included.
Click here to read the IIAC’s summary of the Advisory Committee’s Report. If you have any questions, please contact Susan Copland.