MP Ryan Williams Private Members Bill to Give Canadians Control of their Personal Banking
March 18, 2024
Bay of Quinte MP Ryan Williams says Canada has a monopoly problem with a shortage of competition in every sector of our country including cell phones, home internet, groceries, airlines, and banking. MP Williams – Shadow Minister for Pan-Canadian Trade and Competition has introduced a Private Members Bill to give Canadians competition in one of those areas now. Bill 365 – the Consumer-led banking act is up for second reading vote on Wednesday March 20, 2024. The Bill which would give Canadians the freedom of choice to decide who gets their banking business and information.
MP Ryan Williams says “One-third of Canadians are upset with their financial institutions. Canadians pay some of the highest banking fees in the world. The banks will not share people’s financial information. If you want the freedom to deal with another bank or institution, the banks feel that they own that information and will not share it.” “Canadians are nickel-and-dimed by the big banks for basic financial services, while in Britain, Australia and the U.S. they get this service get for free.” states MP Ryan Williams. MP Williams says consumer-led banking could increase competition and lower bank fees and interest rates for individual Canadians and small and medium-sized businesses. MP Williams says “In the U.K., with consumer-led banking implemented, with only 14% market share, consumers pay zero dollars for monthly transactional fees or for overdraft fees. Consumers in the U.K. pay zero dollars to their bank in general. The savings per year for the people in the U.K. is 12 billion pounds, and for small businesses, it is eight billion pounds. There have been over 250 companies created and over 4,000 jobs.” MP Williams says around the world consumers have a right to use and move their financial data in ways that benefit them and his Private Members – Bill 365 – Consumer-led banking Act would bring this home to Canadians.
MP Williams says “Consumers need laws that force the banks to allow them to, on request, transfer their data from a bank to a financial tech organization, or to move it from bank to bank in order to give them financial freedom.” He believes consumer-led banking could also give Canadians with a limited credit history, including newcomers to Canada, access to credit based on their financial transaction history. It could also speed up loan adjudication.