Ottawa, November 19, 2009
2009-109
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The Honourable Jim Flaherty, Minister of Finance, today released for public consultations a proposed Code of Conduct for the Credit and Debit Card Industry in Canada.
"This proposed Code is intended to promote fair business practices and ensure merchants and consumers clearly understand the costs and benefits of credit and debit cards," said Minister Flaherty.
The proposed Code of Conduct released today is based on ongoing discussions with merchant and consumer associations across Canada. Once adopted, the proposed Code would respond to their views by:
- Ensuring that merchants are fully aware of the costs associated with accepting credit and debit card payments.
- Providing merchants with increased pricing flexibility to encourage consumers to choose the lowest-cost payment option.
- Allowing merchants to freely choose which payment options they will accept.
The proposed Code of Conduct is being circulated for a 60-day comment period. During this period, stakeholders are invited to submit their views on how best to monitor compliance with the proposed Code. Comments can be submitted to codeconsult@fin.gc.ca.
"I welcome input in the process to ensure the proposed Code ultimately meets its goals," said Minister Flaherty. "The Government supports efforts that encourage a competitive environment which provides for fair pricing practices, innovation, a safe and secure payment system, and high quality services for consumers and merchants."
The recently released credit card regulations complement this initiative in protecting credit card users by making clearer and more transparent information available to them.
"By making clearer information available to consumers and encouraging fairer business practices, our Government is taking unprecedented steps to protect Canadian consumers," said Minister Flaherty.
For further information, media may contact:
Annette Robertson
Press Secretary
Office of the Minister of Finance
613-996-7861
Jack Aubry
Media Relations
Department of Finance
613-996-8080
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