FDATA NA engages Canada’s Department of Finance on next steps in Consumer Directed Finance

16 Mar 2021

Source: FDATA North America

Today, the Financial Data and Technology Association (FDATA) of North America submitted comments to Canada’s Department of Finance outlining its key recommendations for next steps in the deliver of Customer-Directed Finance (CDF).

Following the conclusion of the second phase of the CDF advisory committee’s consultations at the end of last year, FDATA North America Executive Director Steve Boms encourages the Department to advance the process of implementing a CDF system in Canada this year by:

  1. Appointing a full-time, senior staffer at the Department as soon as possible whose sole responsibility will be to oversee the design and delivery of a CDF regime in Canada; and
  2. Creating a CDF Implementation Entity tasked with the policy design and implementation of open finance in Canada.

Boms noted that FDATA North America and its members “are committed to seeing CDF become a reality for the benefit of Canadian consumers and SMEs. To achieve this goal, and to provide industry with the policy framework under which such a regime can be delivered, we respectfully encourage the Department to begin implementation of a CDF in Canada by appointing a senior staffer within the Department to be responsible for the delivery of CDF and by creating the CDF Implementation Entity as soon as possible.”

You can read the full submission here: FDATA North America Submission to the Department of Finance