Summary#

This bill requires the federal Minister of Finance to move forward on “consumer-led banking” (open banking: consumer‑authorized sharing of your financial data) by setting public deadlines and reports. It does not create new consumer rights or change bank rules. It creates a timetable and accountability steps for the government to publish an implementation plan and introduce a separate bill.

• Requires the Minister to table an open banking implementation plan in Parliament within 30 days after the Act takes effect (Implementation plan).
• Sets a 6‑month window to introduce a full open banking bill; if missed, the Minister must publicly explain the delay and give a new timeline (Introduction of bill).
• No direct changes to bank fees, products, privacy rules, or data‑sharing practices in this bill.
• No fines, new regulators, or funding authorizations in this bill.
• Preamble cites expected benefits of open banking (e.g., more competition, faster credit decisions), but these are not enacted here (Preamble).

What it means for you#

• Households
  • No immediate changes to your bank accounts, fees, or privacy rights. The bill only triggers a public plan and possibly a future bill.
  • You would be able to read the government’s implementation plan within 30 days after the Act comes into force (Implementation plan).
• Small and medium-sized businesses
  • No direct changes now. The government must publish its plan and, within 6 months, introduce an implementing bill or publicly explain delays (Implementation plan; Introduction of bill).
• Workers in finance and fintech
  • No new obligations or accreditation rules yet. The plan could signal upcoming roles, standards, and timelines, but details would be in the future bill (Implementation plan).
• Financial institutions and third‑party providers
  • No compliance requirements are created by this bill. It sets expectations that an implementing bill is coming within 6 months or a delay report will be tabled (Introduction of bill).
• Local and provincial governments
  • No direct impact or mandates.
• Service users and advocates
  • Clear opportunity to review and respond to the government’s published plan and any follow‑on bill; no immediate service changes.

Expenses#

Estimated net cost: Data unavailable.

• No appropriations, taxes, or fees are specified in the bill text (Short title; Implementation plan; Introduction of bill).
• Administrative costs to draft and table documents are implied but not quantified. Data unavailable.
• No fiscal note identified. Data unavailable.

Proponents' View#

• Creates clear accountability: forces a public implementation plan within 30 days and a public explanation if a full bill is not introduced within 6 months (Implementation plan; Introduction of bill).
• Advances long‑running work: references the federal Advisory Committee (2018–2021) and an open banking lead who completed consultations and designed a framework, indicating readiness to proceed (Preamble).
• Targets consumer benefits cited in the preamble: more competition, potential for lower fees and interest rates, and better access to credit using transaction history, especially for newcomers and thin‑file consumers (Preamble).
• Supports small business efficiency claims in the preamble: faster loan decisions and automated tools for bills, invoices, payroll, and taxes (Preamble).
• Increases transparency: requires the Minister to explain any delay and set a new timeline, enabling Parliamentary and public oversight (Introduction of bill).

Opponents' View#

• No substantive policy in the bill: sets deadlines but does not define data standards, accreditation, liability, privacy protections, or enforcement, leaving key risks unaddressed until a future bill (Bill text).
• Weak enforcement: if the 6‑month deadline is missed, the only consequence is a delay report; there are no penalties or binding remedies (Introduction of bill).
• Process duplication: the preamble notes the government already has an open banking lead and a designed framework; new statutory deadlines may add paperwork without accelerating outcomes (Preamble).
• Implementation risk: rapid timelines could compress stakeholder consultations on complex issues like security, consent, and dispute resolution, which this bill does not specify (Bill text).
• Benefits not guaranteed: the preamble’s claims about lower fees and faster credit are aspirations, not mandates or funded programs in this bill; impacts depend entirely on the future implementing legislation (Preamble).