Canadian fintechs have until December 8 to weigh in on proposed accreditation guidance that will help shape participation in the country’s consumer-driven banking framework.
The Bank of Canada announced the consultation on November 2, inviting feedback on its first set of draft supervisory guidelines for the framework. Further consultations will follow as the Bank develops its expectations for participants.
The consultation covers two sets of application requirements: one for participating entities and another for third-party service providers seeking accreditation. Under the Consumer-Driven Banking Act, the Bank will supervise participants and establish expectations around governance, risk management and operational resilience.
For fintech companies preparing to participate, the process offers an opportunity to flag practical barriers before the guidance is finalized.
The Bank is specifically asking whether elements of the drafts are unclear, difficult to implement or likely to discourage voluntary participation. It also wants to know where additional examples or supporting information would help applicants understand its expectations.
Those questions put implementation at the centre of the consultation. For prospective applicants, the useful response will be specific: which requirements need clarification, what would make them difficult to meet, and how the guidance could better support participation.
The announcement marks a step in developing the supervisory framework. It does not finalize the accreditation requirements or announce the launch of consumer-driven banking services.
Organizations and individuals can review the draft guidelines and submission instructions on the Bank’s website. Written comments are due December 8, 2026, and should identify the specific sections being addressed.
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