Ottawa, August 16, 2010
The Honourable Jim Flaherty, Minister of Finance, announced that the Code of Conduct for the Credit and Debit Card Industry in Canada comes into effect today.
“This Code will make fees and rates more transparent for business owners and for consumers who use credit and debit cards,” said Minister Flaherty. “It will promote fairness, competition and choice.”
Under the Code, merchants will be:
With the passage and Royal Assent of the Jobs and Economic Growth Act on July 13, the Financial Consumer Agency of Canada has been empowered to monitor compliance with the Code.
While most sections of the Code take effect today, payment card networks and acquirers have until February 17, 2011 to implement several disclosure elements of the Code to allow sufficient time for them to make the necessary changes to their systems.
If necessary, payment card issuers will also have until May 17, 2011 to re-issue cards already in circulation that contravene Elements 6 and 7 of the Code, which are applicable to debit cards that have access to multiple networks.
For further information, media may contact:
Office of the Minister of Finance
Department of Finance
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