moved for leave to introduce Bill C-365, An Act respecting the implementation of a consumer-led banking system for Canadians.
Madam Speaker, Conservatives want to get Canadians back in control of their financial freedom. Right now, Canada's oligopoly of six banks controls 93% of Canadians' business. Those banks also have a monopoly on Canadians' financial data. Canadians do not own or control their financial data; the banks do.
Our common-sense plan, called consumer-led banking, would force the banks to give consumers back control of their financial data and, on their consent, share that with competitors who would fight for Canadian financial business. This would create competition, drive prices down and bring financial freedom to Canadian families.
If we compare Canadian banks to those in the U.K., right now, Canadians have bank fees that average $14.50 to $15 a month, average transactional fees of $1.40 and average overdraft fees of $25. In the U.K., which has this legislation, these fees cost zero dollars. Mortgage rates in the U.K. today average 5.99% versus Canada, which is 6.99%. That is a difference of 100 basis points.
Consumer-led banking legislation forces the government to stop dragging their heels and bring forward the second report on open banking, which has been sitting on the finance minister's desk since May and, within six months, to table common-sense, consumer-led banking legislation. This has been promised now for four years. In this way, Canadians, not the banks, can control their own financial data and financial future once again.
(Motions deemed adopted, bill read the first time and printed)