Canadians pay an average of $159 in bank charges a year, according to a study from Koho, a Power Corporation portfolio company. Paul Desmarais III, senior vice-president of Power Financial and Power Corp., called on banks to be more transparent, saying consumers had a right to know what fees they’re paying. (Bloomberg)

Talking point: Desmarais is speaking from self-interest—Power Corp. and its venture fund Portag3 compete with banks through their fintech investments. The Montreal-headquartered company has also advocated for open-banking rules. Open banking would push banks to share more product and service information, allowing consumers to better compare them, Portag3 said in its submission to the federal finance department, which is holding consultations on the subject. They would make it easier for consumers to share their financial data with third parties, allowing Power Corp.’s fintechs to offer more targeted services. Power has a controlling stake in Toronto-based investing platform Wealthsimple, and has backed loyalty startup Drop, as well as Koho, which offers app-based accounts.