Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Digital Finance Insights from FCAC’s New Commissioner
FCAC | Jan 30, 2025
Image: Shereen Benzvy Miller New FCAC Commissioner
FCAC Welcomes Shereen Benzvy Miller as New FCAC Commissioner
The government of Canada recently appointed Shereen Benzvy Miller as its new Commissioner of the The Financial Consumer Agency of Canada (FCAC), effective November 7, 2024 for a 5 year term (succeeding Werner Liedtke, interim Commissioner). Benzvy Miller brings a wealth of experience with over two decades of public service leadership in human rights advocacy, regulatory oversight, and digital service innovation in her roles as Senior Assistant Deputy Minister of Service Innovation at Shared Services Canada and Deputy Chair of Refugee Protection at the Immigration and Refugee Board of Canada and various other leadership roles.
See: Overcoming Barriers to Growth in Financial Regulation
The FCAC recently published an interview with Benzvy Miller offering insight into her driving mission, approach, and challenge ahead at the FCAC for the next several years. One that seeks to ensure Canada's financial sector continues to be fair, transparent and consumer-focused.
Protecting Consumers in a Digital Finance World
"The way that you create trust in the financial system is to make people feel seen, understood and respected."
To build trust in finance, fintech companies need to make sure people feel valued and are treated fairly. Financial services and the processes, transactions, and fees should be transparent, secure, and personalized. Digital banks and fintechs need to implement robust security and data protection while offering clear pricing and user-friendly services to reduce uncertainty.
"Financial literacy for children has to involve more than identifying different currencies, because most children may never see currency in their hands. Money will not be a tactile thing for today’s generation."
Earning trust is more than just security, it's also about education and financial literacy. By providing digital tools and addressing financial literacy challenges, fintechs can help consumers to manage their finances in modern times whether that be through AI powered advisors, budget tracking apps, or blockchain security, fintechs who protect and empower consumers to improve their financial literacy and informed decisions are well aligned with the FCAC's mission. Recognizing that younger generations primarily interact with digital money, fintechs have an important responsibility to create innovations that serve all Canadians and just a select few.
Balancing Innovation with Consumer Protection
"A financial service provider, whether it’s a bank or a fintech, needs to put the consumer at the centre for all the services that it offers. This kind of consumer protection is not a 'nice to have."
Benzvy Miller emphasizes the need for a consumer-first approach where financial services must be designed to protect individuals. Companies that are working in areas like fair lending, or privacy-first digital banking, and even ethical AI are establishing new standards for responsible innovation. For fintechs, balancing innovation with regulation means finding ways to introduce new products while ensuring consumer protection. Startups and scale-ups should work closely with regulators to design solutions that are innovative, adaptable, and secure, or consumer-centric solutions that improve accessibility and affordability.
See: Lessons for Canada from Global Leaders in Regulation
Benzvy Miller also acknowledges the growing role of fintech, digital banking, and alternative finance in how it's improving Canada's economy. While she supports innovation, the sweet spot is the need for balanced regulations that protect consumers without stifling progress.
Consumer-Driven Banking and Open Banking Initiatives
"I will want Canadians to make sure they fully understand what it means to own and control their financial information and who to share it with, to ensure that the actors that they're engaging with and agreeing to give their information to are not bad actors."
A major focus of Benzvy Miller’s tenure as the new FCAC Commissioner will be overseeing Canada’s Consumer-Driven Banking Framework, otherwise known as open banking. This framework will enable Canadians to securely access and share their financial data with trusted financial technology companies, increasing competition and improving financial services and choice for consumers.
See: FCAC Embraces New Role in Canadian Consumer Banking
Based on experience from other jurisdictions that have successfully implemented open banking such as in the UK, open banking also fosters financial transparency and empowers consumers. It's fintechs that are creating seamless integrations with banks and other financial institutions to offer better financial planning and more competitive financial services to the every day consumer.
It was announced in the 2024 federal budget that open banking it Canada would be delayed until 2026, to the dismay of industry who have been waiting for years for the initiative to be realized but with the appointment of the Benzvy Miller there's hope that the FCAC can finalize the implementation and oversight framework on this new timeline without any further delays or risks to the project.
Why This Matters for NCFA and Fintech Innovators
"Collaboration is key. By working together, regulators, industry leaders, and consumer advocates can build a financial system that works for everyone."
Benzvy Miller is expected to work closely with fintech leaders, regulators, and consumer advocacy groups to create policies that protect consumers while also embracing digital innovation. Her role in shaping how Canada’s financial system adapts to emerging technologies from consumer-driven banking to the implementation of AI is highly significant for the future of fintech regulation in Canada.
See: Insights from the UK’s Pro-Innovation Regulation Review
The National Crowdfunding & Fintech Association of Canada (NCFA) has advocated for many many years for a progressive regulatory environment that supports innovation while also protecting consumers and fostering trust. Based on her interview, Benzvy Miller's vision aligns pretty well with NCFA's mission and we will continue monitor and provide updates on how these developments impact the industry.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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