Competition Bureau invites feedback on draft FinTech report

OTTAWA, Nov. 6, 2017 /CNW/ - As part of its commitment to engage with Canadians on emerging issues, the Competition Bureau has published a draft report on its market study concerning technology‑led innovation in the Canadian financial services (FinTech) sector.

The financial services sector is a pillar of the Canadian economy. From consumers buying groceries to businesses making investments that create the jobs of tomorrow, practically everything we do relies on this sector.

Recently, there has been a wave of new, innovative, and technology-based means for Canadians to access financial services. The introduction of innovative products is an opportunity to inject greater competition in the sector. When there is more competition, we generally see lower prices, more choice and convenience for consumers, as well as higher levels of innovation.

However, innovative products are often challenged by the rules associated with the old ways of doing business. The draft report contains a number of recommendations for regulators and policymakers to consider. Each recommendation is aimed at modernizing the regulation of financial services to support innovation and greater competition through FinTech.

Through the publication of a draft report, the Bureau continues to engage with stakeholders, including businesses, consumers, and domestic and foreign regulators and policymakers. Interested parties are invited to provide their feedback on the draft report no later than November 20, 2017 by completing the online form, or by sending comments to the coordinates below:

Competition Promotion Branch
Competition Bureau
50 Victoria Street
Gatineau, Quebec
K1A 0C9
Fax: 819-934-9293

The Bureau will soon release a final report which takes into consideration the views collected during the consultation period.

Quotes

"The future is now. Let's get it right by providing policymakers with the information they need to nurture a competitive environment that allows Canada's FinTech companies to innovate and grow globally."
-John Pecman, Commissioner of Competition

Quick facts

• The Bureau launched the FinTech market study in May 2016 to explore the competitive impact of the use of technology to change the way Canadians access and consume financial products and services.
• The Bureau supports innovation in the financial services industry by examining the barriers to entry faced by companies and determining whether regulatory reform could promote greater competition and consumer confidence in the sector.
• Innovation remains a key theme for the Bureau, which is dedicated to promoting fair competition and confidence in the digital economy and advocating for pro-competition regulations.

Associated links

• Competition Bureau launches FinTech market study
• Technology‑led innovation and emerging services in the Canadian Financial Services Sector
• Studying FinTech: Competition and innovation in the financial services sector
• Driving competition and innovation in the financial services sector
• Highlights from the Competition Bureau's FinTech Workshop: Driving Competition and Innovation in the Financial Services Sector
• FinTech market study overview infographic
• The Competition Bureau — "Enhancing Transparency"

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The Competition Bureau, as an independent law enforcement agency, ensures that Canadian businesses and consumers prosper in a competitive and innovative marketplace.

SOURCE Competition Bureau