The government's decision wasn't explained. I know that some representatives of the Financial Consumer Agency of Canada, the federal agency designated by the government, are going to be testifying before the committee. I would suggest that you ask them some questions, including about who decided to assign responsibility for the framework to this agency, which doesn't really have any expertise in cybersecurity or data management. We don't really understand this decision.
Provincial financial institutions, and Desjardins in particular, will find themselves operating within a dual framework. It will negatively affect competitiveness and innovation, and risks will increase for clients and members of these provincial financial institutions.
We believe that the solution is very simple: just remove this proposed piece of legislation from the omnibus financial bill. It is short and covers only 12 to 14 pages. More time should be taken to discuss and agree on the standpoint of the provincial counterparts to ensure that the framework would apply to everyone.
We are definitely in favour of adopting an innovative framework, but it needs to include guidelines and ensure that the overall outcome would be secure. Otherwise, we'd be opening Pandora's box.