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Canadian Open Banking Forum

Data Ownership, Consumer Data and Privacy Rights

Michael Scherman, Partner, McCarthy Tetrault

Eyal Sivan, Head of Open Banking, Axway, OBIC Board Member 

Today, Canadian consumer’s financial data is not legally theirs. As this conversation evolves, the de factor answer to who owns financial data is however, increasingly, the consumer. During this session, our panel experts will explore data protection laws, the idea of data portability, risks, and how open banking will enhance the interests that individuals have in their personal financial information.

  • How does data protection law define the nature and scope of a person’s interest in their personal information
  • How GDRP and reform of PIPEDA would expand or enhance interests individuals have in their personal information
  • The right to erasure
  • How the right of data portability will enhance the ability to bring data together for analysis and provide new tools and services
  • How open banking will enhance the interest that individuals have in their personal financial information

How will open banking help increase financial literacy?

  • What are the risks?
  • How does a consumer authorize or de-authorize use of personal information
  • How should consumers be educated to understand what they are consenting to
  • Who should be educating the consumer?
  • Should consent be standardized
  • How narrowly should governments define open banking?
  • Is Open Banking just one aspect of a broader open data policy?