Regardless of which regulator was picked, I think there would have been challenges. When it comes to business-to-business transactions, I think there are two issues that could emerge.
One is, can small business owners share the data that they should be in control of? I think the consumer-driven banking act, as it's outlined today, allows for that. Proposed section 3 makes it very clear that small businesses are supposed to be in scope. They're explicitly mentioned.
When it comes to policing disputes between businesses, however, the FCAC may be less equipped if the businesses we're talking about are banks and fintechs. One of the reasons why we need government intervention to implement an open banking framework is that the market hasn't been able to work it out itself. The market hasn't been able to get along. You can imagine a world where, going forward, there are disputes that arise between banks and fintechs.
I think our view is that we should keep our consumer protection watchdog in the financial sector as a consumer protection watchdog and not add to its mandate. For open banking to be successful, the job of the FCAC shouldn't be to protect fintechs from banks. It shouldn't be to protect banks from fintechs. It should be to protect and empower Canadians, first and foremost.