OTTAWA, Oct. 23, 2026 — The Financial Consumer Agency of Canada’s (FCAC) review of banking fees shows that increased competition is critical to lowering the cost of banking for Canadians. Many fintechs and digital banks provide lower-cost products, including accounts with no monthly fees and unlimited transactions. The report further sheds light on the many barriers which make it difficult and costly for Canadians to find a better deal.
Fintechs Canada has long advocated for consumer-driven banking to help improve affordability by enabling Canadians to securely share their financial data and make informed choices about their finances. It has also called on the government to follow through on its Budget 2025 commitment to prohibit certain transfer-out fees.
“Fintechs and digital banks are showing what competition can deliver: more affordable options and more control for Canadians over their money. The federal government has made important commitments to make that easier. Now the test is whether these reforms make it easier for Canadians to share their financial information, switch providers and have more control over their money. That’s what meaningful competition should deliver,” said Adriana Vega, Executive Director, Fintechs Canada.
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About Fintechs Canada
Fintechs Canada is the collective voice for Canada’s financial technology sector. Its more than 50 members serve millions of Canadians across the country. Learn more at fintechscanada.ca.
For media inquiries, please contact:
Hana Sabah
Director of Communications
Fintechs Canada
hana@fintechscanada.ca
514-834-8841
