When Colin Deacon started his career as an investment adviser 40 years ago, he made a point of working with some of the smallest customers – those who’d typically be passed over by the financial services industry.
His clients got financial and tax planning advice, help with their small business concerns and investing assistance – support that, he said, was and still is typically unavailable to the majority of Canadians.
“We still have a situation where most Canadians are not given really good, basic advice … and if you’re somebody from a marginalized community your access to that is 10 times worse,” said Mr. Deacon, now an independent senator for Nova Scotia.
Mr. Deacon said he sees the development of an open banking system in Canada as a solution to that problem. Open banking, or consumer-directed finance, would allow individuals and businesses to have control over their…
