Freeland vows to tackle competition-squashing deals, sets open banking deadline for 2024.

The federal government of Canada has announced plans to make significant changes to competition policy in order to prevent firms from eliminating competition. Finance Minister Chrystia Freeland's fall economic statement focuses on stabilizing consumer prices and includes measures to address mergers and give fintech firms greater access to financial data. The government will propose updates to the Competition Act to expand the powers of its regulator and target cases where dominant firms abuse their market position. Additionally, Ottawa has committed to implementing open banking by 2024, requiring large financial institutions to participate and allowing customers to give fintech firms permission to access their financial data. [Extracted from the article]