CIRO Leans in on Consumer-Driven Banking Framework

Announces consultation with the public and private sectors to explore how to support open banking among CIRO members 

TORONTO, Feb. 18, 2025 /CNW/ - The Canadian Investment Regulatory Organization (CIRO) is exploring how it can support the adoption of consumer-driven banking, also known as open banking, while reducing burden and duplication.  

Consumer-driven banking allows consumers and small businesses to securely share their financial data with approved service providers. Canada's proposed consumer-driven banking framework is designed to provide a secure and efficient way for Canadians to access and share their financial data while enabling new financial tools and services. 

CIRO will consult with its Members, and other stakeholders, to clarify accreditation, regulatory oversight, and compliance expectations within the federal standards. CIRO's 2025-2027 Strategic Plan identified the need for transformational initiatives to advance the structure of regulation in Canada specifically aimed at enabling innovation, while still maintaining strong consumer protections.  

"Some of our members have told us that they would like to voluntarily opt into the consumer-driven banking framework. Those who do will need to meet accreditation requirements, follow security standards, and support reciprocal data-sharing," said Karen McGuinness, Senior Vice-President, Finance, Investor and Member Relations at CIRO. "By helping support the adoption of consumer-driven banking, CIRO seeks to drive meaningful transformation and the modernization of industry practices, and to foster greater efficiencies for the benefit of Canadian investors and the broader public. We can build a more connected and investor-centric financial ecosystem by embracing innovation and reducing barriers." 

As appropriate, CIRO intends to coordinate our efforts with other key stakeholders and regulatory agencies, including the Canadian Securities Administrators. 

Read more about CIRO's proposed role in consultations on Canada's Consumer-Driven banking Framework. 

About CIRO 

The Canadian Investment Regulatory Organization (CIRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada's debt and equity marketplaces. CIRO is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians' trust in financial regulation and the people managing their investments. For more information, visit www.ciro.ca. 

SOURCE Canadian Investment Regulatory Organization (CIRO)

Kate Morris, Senior Corporate Communications and Public Affairs Specialist, [email protected], Phone: [phone]