Skip to content

April 16, 2024

April 16th, 2024 – Toronto, Ontario – IBAC is pleased to see the direct results of our effective federal advocacy on several key issues in Budget 2024, including measures relating to consumer-driven banking, the Bank Act, and the National Flood Insurance Program (NFIP). 

First and foremost, IBAC celebrates the statement in the Consumer-Driven Banking Framework that the existing prohibition on the sharing by banks of customer information for the business of insurance will be maintained. 

“Since the consultations on open banking first began in 2018, IBAC’s fundamental ask has centred on consumer protection measures, and the important principle of the separation of banking and insurance,” said IBAC CEO Peter Braid. “We strongly believe that consumers’ banking data should not be used for insurance purposes, and are extremely pleased to see the government’s commitment to uphold this principle in a consumer-driven banking environment.”

The Financial Consumer Agency of Canada (FCAC) will be mandated to oversee, administer, and enforce the Consumer-Driven Banking Framework. IBAC has been highlighting the need to educate consumers on how their data will be shared and used, as well as the potential risks associated with providing personal financial information, so we are happy to see that FCAC will also be mandated to develop a consumer awareness campaign.

We also note that the government is deferring the statutory review of the Bank Act until 2026. This is a positive development, ensuring that the consumer protections provisions of the Bank Act will be automatically extended for an additional year. 

We also welcome the federal government’s additional support and their commitment to implement the National Flood Insurance Program (NFIP) by 2025. We encourage the government to fully fund the NFIP in the Fall Economic Statement to protect homeowners in high-risk areas from the devastating impact of catastrophic flooding caused by climate change. We look forward to working with the government and industry stakeholders to create a program that leverages the existing private-sector framework and the expertise of brokers to ensure a simple and straightforward process for the insurance consumer.

About the Insurance Brokers Association of Canada

The Insurance Brokers Association of Canada (IBAC) is the national voice of over 43,000 property and casualty insurance brokers across Canada. We represent and advocate for both insurance brokers and consumers to the Government of Canada.

Media Contact:

Liz Scott
Director, Board & Stakeholder Relations
[email protected]

Back to News