The New Year has also brought about certain changes in the banking industry in Canada. The federal government has authorized RBC's $13.5 billion acquisition of HSBC Canada. The country's banking industry is interested in the deal, which is anticipated to finalize in the first quarter of this year. Open Banking will make it easier for Canadians and small companies to securely transfer financial data between services.
This year, one of the new developments is open banking, also known as consumer banking. Customers can connect all of their bank accounts into a single interface this manner. This makes it simple to add and manage free accounts and other items.
The federal government has declared that it will present legislation in the 2022 budget session to establish a single complaints body. In October of this year, the government stated that the Ombudsman for financial Services and Investments, one of the two current institutions, will have authority over all financial complaints until November 1, 2024.