The Financial Post reports in its Tuesday edition that change is in the works that will give Canadian consumers and businesses significantly more control over their financial data, including who they share it with, in what is known as open banking. A Canadian Press dispatch to the Post says that Ottawa has promised framework legislation in next month's budget to bring the system to Canada after years of talk. While there is potential to shake up the current system, some are skeptical as to how much, and how quickly any change might happen. Even with safeguards in place to make it secure, it will likely take a lot of work to convince Canadians to trust the system -- and new competitors. The system also had fairly low pickup when it launched in Europe in 2019, said Aris Bogdaneris, Bank of Nova Scotia's head of Canadian banking, at an investor day. "We prepared for it, and we tried to make sure we were ready and resilient," said Mr. Bogdaneris, who worked at ING Group in the Netherlands before switching to Scotiabank last year. "It didn't really materialize at all. It was like Y2K." Even in Britain, where it was pioneered in 2018, only about 11 per cent of British consumers were using open banking as of last June.