The Globe and Mail reports in its Thursday edition that recent amendments to Canada's Competition Act aim to curb monopolization in the financial sector, but more action is needed. The Globe's guest columnists Ari Pandes and Colin Deacon argue that Canada's banking regulations give advantages to large systemically important banks, protecting them from competition and disadvantaging smaller, customer-focused financial institutions. To restore Canada's economic competitiveness, policy-makers must confront the outsized influence the Big Six banks have secured over investment and capital formation. Where independent investment dealers once took risks and fuelled growth, consolidation has limited the diversity of competition, and thus access to capital for entrepreneurs, stalling innovation in key sectors. Deeper reforms in co-ordination with all levels of government are needed. We must unwind industrial policies that favour incumbents and strip away excessive regulations that entrench oligopolies, creating real incentives for Canadian companies to grow and seek public market capital at home. Targeted incentives, such as tax-free spinoffs of subsidiary shares, can encourage the deconsolidation of the financial sector.