Thank you for the question.
Indeed, data portability in the financial services context bestows upon a consumer or an SME the ability to choose the tool, product or service that is best suited for them. There is not nearly as much competition in the financial services sector in Canada as there exists in multiple other jurisdictions. Because Canada does not have this data portability right, consumers and SMEs in Canada may find themselves stuck with their current service provider, which doesn't help push down fees or improve services, products and tools. It can also be a significant barrier to SMEs and consumers trying to improve their financial life if they can't find the tool or product that is best suited for them.
The data portability right, in our view, brings Canada on par with many other countries that have gone further than Canada has, so far.