Industry committee  It's necessary to look at the reason for an adverse effect. A violation of privacy may be good for a company, but is it good for the consumer? There's always some sort of dilemma. For example, a person's consumption habits can reveal very private information. For instance, these habits can show whether a person has started a diet, bought a house, cut back on spending or changed jobs.

Industry committee  Yes. In Europe, the General Data Protection Regulation covers the entire continent and is extremely specific when it comes to legitimate interest. It also provides for various exemptions. It even establishes what qualifies as direct marketing and the circumstances that prohibit it.

Industry committee  The good news is that the CFPB released its first set of rules a couple of weeks ago, which closely look at what it wants to do. Of course, the CFPB doesn't care about everything and it takes more of a laissez-faire approach on some stuff, but for the first time, it clearly outlines that it wants to create a universal data protectivity right, and it's going to be imposed on financial institutions.

Industry committee  Absolutely, and they can choose the time of exposure. For example, if you want to try two different companies for the same product and you prefer one of them, you can drop the other one immediately. Therefore, your data is not used by this company anymore. It's really about the power of the consumer and the time in which you can revoke your consent.

Industry committee  Yes, of course. Again, I find it a bit too broad. As an operator of a business, I think we should want some clarity on and criteria for what is in the public interest. We don't want to have a backlash from that, trying to create our own product where we find it doesn't fit the public interest, so I would welcome criteria and exceptions on clear public interest.

Industry committee  That's a nice way to put it.

Industry committee  Yes.

Industry committee  Sure, absolutely. Australia went beyond the financial sector and created a full customer data right. I mentioned that it includes telecommunication, but also energy and so on. Basically, it's a government-led model. It's led by the treasury, which is kind of like our own treasury.

Industry committee  I think they're pretty accurate and complete. It's kind of the carrot-and-stick model. If you participate in the ecosystem, you can develop a business in a safe and secure way. However, if you do not, for example, stand up reliable APIs, if you don't confirm to privacy legislation, you first get important fines, but also you can be discredited in real time.

Industry committee  I would say that it developed pretty well, and it's the same with the U.K. There is some form of accreditation. There are kind of tier accreditations. Basically, if you have a new model, instead of doing the full onerous process of joining and having the accreditation, you can go via an agent.

Industry committee  Absolutely.

Industry committee  Absolutely.

Industry committee  I pass.

Industry committee  I don't. I think it's appropriate.

Industry committee  It depends. We're seeing astonishing growth in the U.K. Year over year, it's 80% growth. It's a really successful public policy. As you know, open banking is in the news more and more. People are talking about it because people know about it. Also, an association that we're members of, Fintechs, made a campaign, and a lot of Canadians have signed up to the campaign, saying they need and want open banking.