Bay of Quinte riding MP Ryan Williams wants to see more competition in Canada’s banking sector and his Private Members Bill mandating that remains before parliament for debate.
Bill 365, the Consumer-led banking act would give Canadians freedom of choice to decide who gets their banking business and information.
Williams says Canadians pay some of the highest banking fees in the world and banks won’t share information with other banks should people want to deal with other financial institutions.
“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.
Williams believes his Consumer-led banking act could lead to more competition and lower bank fees and interest rates. It is up for second reading debate this Wednesday.
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.
