That's a great question. There are a few there.
First, on your question about how this stuff is overseen in Canada today and how consumers are protected today, there are a bunch of things.
There's the Bank Act, which has all sorts of requirements for banks, specifically the financial consumer protection framework. There's the debit and credit card code of conduct, which has a bunch of obligations on all parties in the chain that help merchants. We have the Payment Card Networks Act, and then the networks themselves have their own rules.
In terms of what the effect of more entry into the system would be, perhaps I can just share a personal anecdote.
My mortgage provider is a pretty big Canadian financial institution. It very subtly tried to get me to renew my mortgage before the last rate reduction. I obviously didn't do it, but I thought, just for kicks, why don't I call some fintech lenders and see how they're going to handle this situation? I didn't call many; I called a couple. All of them said to call back in November or December because there are going to be rate hikes.
I don't think the effect of letting more entrants into the system will dilute the protections. I think that right now consumers are being taken advantage of. They're being fleeced, to use the title of a book that was recently published on this. I think that by allowing more entrants into the system, people will compete by taking better care of their customers and advising them in a way that helps them meet their financial goals, rather than just pads their pockets.