Ottawa Needs to Pick Up the Pace on Banking Reform, Says EQ Bank CEO
Ottawa is facing fresh pressure to accelerate its efforts on banking competition, with EQ Bank CEO Andrew Moor publicly calling on the federal government to move faster in opening up Canada's tightly controlled financial sector.
Moor's comments, reported by The Globe and Mail, put a spotlight on a long-standing frustration among challenger banks and fintech companies: that Canada's big six banks continue to dominate the market while regulatory changes that could level the playing field inch forward at a glacial pace.
Why Banking Competition Matters to Canadians
Canada's banking sector is one of the most concentrated in the developed world. The country's six largest banks — RBC, TD, Scotiabank, BMO, CIBC, and National Bank — control the vast majority of retail deposits, mortgages, and everyday banking services. For consumers, that concentration has long translated into high fees, limited choice, and little incentive for the incumbents to innovate aggressively.
EQ Bank, the digital banking arm of Equitable Bank, has carved out a niche as a high-interest savings and mortgage provider by operating leaner than the Big Six. But Moor argues the playing field still isn't fair — and that Ottawa holds the keys to change.
What Ottawa Could Do
At the heart of the debate is open banking, a framework that would require financial institutions to share customer data (with consent) with third-party providers through secure APIs. Countries like the UK and Australia have already implemented open banking systems, unlocking a wave of fintech innovation and giving consumers far more control over their financial lives.
Canada has been studying open banking for years. Ottawa released a framework in 2023 and has promised implementation, but critics — including Moor — say the timeline keeps slipping and the ambition keeps shrinking. Without a firm legislative push, the big banks have little incentive to cooperate, and smaller players remain at a structural disadvantage.
For Ottawa residents and Canadians broadly, the stakes are real: better competition could mean lower mortgage rates, reduced banking fees, and smarter financial tools built by startups hungry to compete.
The Bigger Picture
The EQ Bank CEO's comments land at a politically sensitive moment. With the cost of living squeezing household budgets across the country, consumer finance is a hot-button issue. A more competitive banking sector could ease some of that pressure — but only if the federal government moves from consultation to action.
Ottawa-based policy watchers and consumer advocates have echoed similar calls for years. The question now is whether political will can catch up to the economic urgency.
Moor's public push adds another voice to a growing chorus asking the federal government to stop talking about banking reform and start delivering it.
Source: The Globe and Mail via Google News Ottawa RSS feed.
