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08/03/2010 -
In the 2010 budget proposal released late last week, Finance Minister Jim Flaherty pushed further for regulation of the debit and credit card processing industry.On the heels of his submission of the debit and credit card code of conduct, Flaherty proposed an amendment to the mandate of the Financial Consumer Agency of Canada, which would give it the authority to monitor compliance with the code.
In addition, he proposed legislation that would give him personally the power to regulate the market conduct of debit and credit card industry players if necessary, and also requested the appointment of a payment processing task force, which would be launched in spring 2010.
The Payments Accountability Council, the Retail Council of Canada and the Canadian Council of Grocery Distributors have commended Flaherty and the government for these measures.
"Council members continue to believe a robust regulatory framework is necessary in Canada for debit and credit card markets," said David Wilkes, senior vice president of trade and business development for the Canadian Council of Grocery Distributors.
"Together with consumers, retailers across Canada have been calling on government to provide clarity, transparency and merchant choice within the Canadian debit and credit card market," he added. "Yesterday's announcement tells us that the voices of consumers and retailers have been heard."
