A first-phase report from the Advisory Committee on Open Banking said a “structured framework” is needed to address and manage the risks of Canadians sharing financial data with third-party providers “in a significant way,” Reuters reports. The report states up to 4 million Canadians use data-driven services to share access to their data, though the country has not adopted open banking regulations like those in the European Union, United Kingdom and Australia. The committee will begin its second phase of review in the spring and recommended examining consumer control of personal data and privacy and data security.
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