Standing Senate Committee on Banking, Commerce and the Economy (BANC) (May 30, 2014)
Opening statement

Opening statement

• Thank you, Madame Chair and members of the Committee.
• My name is Werner Liedtke. I am the Interim Commissioner of the Financial Consumer Agency of Canada, or FCAC, an independent federal agency that protects the rights and interests of consumers of financial products and services.
• With me today are Frank Lofranco, Deputy Commissioner, Supervision and Enforcement, and Annie Bedard, Executive Policy Advisor to the Deputy Commissioner, Research, Policy and Education.
• FCAC was pleased to see that measure to strengthen consumer protection and support the financial well-being of Canadians are very much front-and-centre in Budget 2024.
• These priorities are reflected in Part 4, Section 16, which references FCAC’s expanded mandate, and in particular its new role in overseeing, administering and enforcing Canada’s Consumer-Driven Banking Framework, which will be the focus of my remarks today.
• As a leader and innovator in financial consumer protection, FCAC is well-placed to take on this new responsibility.
• Canadians are already well-protected in their dealings with banks. Those who choose to participate in consumer-driven banking, also known as open banking, will benefit from consistently strong protections embedded in the Framework’s design from the outset.
• Consumer-driven banking can help people better manage their finances and improve their financial outcomes, and the Framework will allow them to access these innovative services safely and securely.
• FCAC is working closely with the Department of Finance to advance the framework, which is guided by three objectives:
  • safety and soundness;
  • protecting the financial well-being of Canadians; and
  • advancing economic growth and international competitiveness.
• The Department of Finance is the lead on policy and legislative or regulatory development.
• Budget 2024 proposes to provide $1 million in 2024-2025 to FCAC to support preparation for its new responsibilities and to begin development of a consumer awareness campaign.
• Over the coming months we will work with the Department of Finance to engage with the financial sector and other stakeholders as we move toward implementing the Framework.
• I’ll close there to leave time for your questions. Thank you.