Which act oversees how banks handle personal financial information?

The Bank Act is the correct choice because it specifically governs the operations of banks in Canada, including how they manage customer information and uphold privacy standards concerning personal financial data. This legislation is put in place to protect consumers by regulating banks' practices in handling financial information, ensuring transparency, and promoting trust in the banking system.

The Personal Information Protection Act primarily focuses on private sector organizations, outlining how they should handle personal data, but it does not specifically target banks or the financial services sector. The Competition Act addresses anti-competitive practices and market conduct rather than data protection. The Digital Privacy Act modifies the Personal Information Protection Act to include new regulations for digital privacy but is not exhaustive in its jurisdiction over banking institutions. Thus, while all these acts play a role in broader privacy and consumer protection contexts, the Bank Act directly addresses the unique standards necessary for banks in handling personal financial information.