The Honourable Ted Menzies, Minister of State (Finance), today issued the following statement in recognition of additional guidance provided by the Financial Consumer Agency of Canada (FCAC) concerning the Code of Conduct for the Credit and Debit Card Industry in Canada (the Code):
“I want to thank Commissioner Ursula Menke and FCAC for their important work. FCAC’s guidance will provide better disclosure to small businesses and other merchants, while helping to eliminate inappropriate sales and business practices. If left unchecked, such practices could result in increased costs for merchants, and consequently for consumers.
“Our Government gave FCAC a central role in monitoring compliance with the Code, to ensure it remains a flexible document that can effectively respond to new market information and practices. Through proactive engagement with payment card network operators and merchants, FCAC monitoring allows all parties to better understand and comply with their obligations. Guidance like this also ensures the Code continues to reflect changing conditions within the industry so that merchants and consumers clearly understand the costs and benefits of credit and debit cards.
“Since we introduced the Code in 2010, it has improved disclosure, transparency and fair business practices among payment card network operators and their participants. Today’s action builds on and further strengthens the Code, especially for small businesses and other retailers. We expect all payment card network operators and their participants to adhere to today’s guidance in a prompt manner, and FCAC will actively monitor implementation.”
Bram Sepers
Communications
Office of the Minister of State (Finance)
613-996-7861
Jack Aubry
Media Relations
Department of Finance
613-996-8080
