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In circumstances where market forces do not adequately correct market failures, regulation can be used to determine outcomes or control market dynamics.Regulation is also used to protect against negative externalities that may be left unaddressed by market forces.Third, it plays a significant role in the day‑to‑day life of most Canadians, whether they are receiving or making payments, borrowing, spending, saving or investing.While Canada’s financial regulatory system is one of the most well‑respected and sound regimes in the world, the global financial crisis in 2007‑2008 led to a period of economic recession in Canada and around the world.The analysis and recommendations found in this report are made with these assumptions in mind.The Bureau decided to study Canada’s financial services sector for three primary reasons.Market studies are one of the tools the Bureau uses to advocate for competition.They allow the Bureau to assess an industry through a "competition lens" to highlight issues that may restrict competition and to inform public policy on how markets are regulated.
Interested parties are invited to provide their feedback on the draft report no later than November 20, 2017 by completing our online form.Ultimately, Fin Tech’s draw is the potential for a more competitive marketplace, lower prices and increased choice in products and services (as well as more value for money) for consumers and SMEs.Despite the global attention Fin Tech is generating, Canada lags behind its peers in its adoption.First, during the Bureau’s public consultations in 2013, financial services were identified as an area of focus for potential advocacy initiatives.
Second, the sector itself is an important pillar in the Canadian economy, contributing approximately 7% of Canada’s gross domestic product (as of May 2017) and accounting for nearly 800,000 Canadian jobs (2015 figures).
Today, new entrants and incumbents alike are using technology to innovate and change the way Canadians access and consume financial products and services.