Fees to maintain accounts, fees to use ATMs, fees to transfer investments. Lousy services, difficult-to-get loans, non-competitive mortgages. And, oh yes, quarter after quarter of record profits. Welcome to banking in Canada.

The Big Five – RBC, Scotiabank, TD, BMO and CIBC – are among the biggest and richest companies in the country thanks to decades of protection from competition by government and regulators, who have prized stability among all else.

The side effects of that preoccupation are becoming increasingly clear. A study last year by consultancy North Economics, for example, found Canadians were paying about $10 billion per year in excess fees, compared to the U.K. and Australia, working out to about $350 per person. On top of that, a growing number of economists are pointing at the banks for Canada’s woeful productivity and innovation showings.

Amid the dual affordability and sovereignty crises, it’s about time for change – and it finally appears to be happening.

As the head of the Bank of England for much of the past decade, Mark Carney had a front-row seat to how competition and innovation in banking spurs a nation’s economy. It’s why the Prime Minister and his government have introduced a raft of imminent reforms including open banking and updated payment systems.

Industry vet and economist Andrew Spence, who lays out the many ways in which the big banks rake in those outsized profits in his book Fleeced, joins the Do Not Pass Go podcast this week to talk about how behind Canada is – and how we may be about to catch up to the rest of the world.

Check out his book here. And check out the story on RBC’s backfiring TV spot:

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