Ottawa, ON – Today, Ryan Williams, Conservative Shadow Minister for Pan-Canadian Trade and Competition, tabled his Private Members Bill, C-365, the Consumer-Led Banking Act.
“After 8 years of Justin Trudeau, Canadians are paying some of the highest banking fees in the world. And instead of fighting to keep more money in your pocket, this Liberal Government is doubling down and protecting the big banks by stalling on legislation that would bring home real savings for Canadians,” said Williams.
In the UK, where Consumer Led Banking is implemented, the Big 9 banks subject to open banking requirements charge $0 for their chequing accounts, with no minimum deposits. Meanwhile, the big 5 banks in Canada charge more than $10 each for chequing accounts. Williams added that, “Conservatives want to give Canadians back control of their financial freedom. Right now, banks own and control Canadians’ financial data. Our common sense plan would force the banks to allow Canadians to control their own financial data to be able to have competitor banks and financial tech companies compete for your business. When it was implemented in the UK, reports show that the average customer can gain nearly $400 a year.”
In Canada, six banks control 93% of all assets, and it’s only getting worse. Competition has decreased over the past 8 years while banks’ profits and markups rose.
“These banks have no incentive to provide better services and deliver lower prices because there’s nowhere else for you to go. My common sense legislation will change that and give Canadians control of their financial freedom,” said Williams.
The Government’s own Open Banking Lead has said that Canada is at risk of being the last G7 country without customer-led banking. The Liberal Government has refused to stand up to the big banks and deliver for Canadians, so common sense Conservatives are going to make them.
Pierre Poilievre added that “Bill C-365 would force Justin Trudeau to implement the plan that’s now 11 months late, after sitting on their hands for more than 2 years. This Government is dragging their feet. Common sense Conservative MP Ryan Williams is bringing home savings at the ATM for all Canadians, not just the Liberals’ rich friends.”
“This bill will give Canadians the freedom to access better deals, low-cost financial supports, and more easily choose their bank whenever they want. Conservatives will give Canadians back control of their banking with C-365 fighting to create savings for Canadians 365 days a year.”