The Department of Finance Canada has appointed Shereen Miller as Commissioner of the Financial Consumer Agency of Canada (FCAC) for a five-year term, with effect from November 7, 2024.
Miller, who is a human rights lawyer by training, served as senior assistant deputy minister of service innovation at Shared Services Canada, prior to her new role.
In Budget 2024 in April this year, Deputy Prime Minister and Minister of Finance Chrystia Freeland announced new legislation that expands the mandate of the FCAC to include oversight, administration and enforcement of consumer-driven banking.
The FCAC has been tasked with establishing foundational framework elements related to scope, system participation, safeguards “in respect of integrity and national security”, and common rules covering privacy, liability, and security.
Minister Freeland said: “I extend my thanks to Ms Miller for stepping up to advance Canadians’ rights and interests in their dealings with financial institutions across the country.
“Ms Miller’s extensive experience in government, ensuring responsible regulatory oversight and developing relationships with businesses, will serve Canadians well as she delivers on FCAC’s mandate.”
She added: “I also wish to thank the outgoing interim Commissioner, Mr Werner Liedtke, for his service over the past year.”
Michelle Beyo, president of Open Finance Network Canada (OFNC), said: “OFNC is excited about Shereen Miller’s appointment as FCAC Commissioner, as her leadership is key at this pivotal time for Open Banking in Canada.
“Open Banking represents a pivotal shift towards empowering Canadian consumers with control over their financial data. It’s not just about access—it’s about fostering innovation, enhancing competition, and creating a more inclusive financial ecosystem for everyone.“
The Canadian government revealed in the federal budget earlier this year that the FCAC will receive $1 million in additional funding for Open Banking.
The initial $1 million pledged by the government is “to provide some support to advance implementation and get started on a consumer education and awareness campaign”, as well as having time to “understand what the new mandate will look like and the resources needed”, according to Kirsten Fraser, director, financial services innovation at Finance Canada, speaking at Open Banking Expo Canada on June 11 this year.
“The money is meant to fill the gap until a final decision is made about what is required to resource it appropriately,” Fraser said.
