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Bill C-365: Paving the Way for Open Banking in Canada?

Open Banking in Canada | Nov 10, 2023

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Conservative MP Ryan Williams has tabled Bill C-365, titled "The Consumer-Led Banking Act." a pivotal step in Canada's journey towards Open Banking, a system that could lower banking fees and mortgage rates for Canadians

The Conservative Party presented a private member's bill in the House of Commons on Thursday, November 9, 2023 urging the federal government to expedite the implementation of an open banking system, which has been experiencing delays.

Canadians currently face some of the highest banking fees globally, with average monthly fees around $15, transactional fees of $1.40, and $25 for overdrafts. This situation is largely attributed to the lack of competition in the banking sector, with six major banks controlling a significant portion of the market.

Open Banking, as seen in the UK and other countries, allows bank customers to more financial products and services choice in the market leading to lower banking fees. This system fosters a more competitive environment where banks and financial tech companies vie for customers, leading to better services and lower costs. In the UK, the implementation of consumer-led banking has reportedly saved families an average of $400 per year, with a notable decrease in mortgage rates.

Bill C-365

The proposed legislation, Bill C-365, requires support from multiple parties and seeks to compel the Canadian government to present a second report on Open Banking, which has been pending since May 2023. The bill mandates that Ms. Freeland unveil a plan to implement open banking within 30 days and introduce consumer-led banking legislation within six months. This move is seen as a direct challenge to the current Liberal government's inaction over the past four years.


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The Conservative party, through this bill, is pushing for Canadians to regain control over their financial data, currently dominated by banks. They argue that this legislation will break the oligopoly in the banking sector, offering Canadians financial freedom and savings throughout the year.

Pierre Poilievre, Conservative Leader:

“One of the reasons there’s not a lot of competition is that it’s very hard to move between banks or to other financial institutions,” he said. “The big banks control the data of their customers and that gives them a massive advantage over challengers trying to break into the market.”


Bill C-365 is a beacon of light for many Canadians burdened by high banking fees and open banking advocates. It promises not just financial relief but also a shift towards a more competitive and consumer-friendly banking sector. As Canada potentially joins other G7 countries in adopting Open Banking, this could mark a new era of financial empowerment for its citizens.

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