Archived - Task Force for the Payments System Review

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Formally announced on June 18, 2010, the Task Force for the Payments System Review fulfills a Budget 2010 commitment to review the payments system. 

The payments system refers to arrangements that allow consumers, businesses and other organizations to transfer value from one party to another. It includes the institutions, instruments and services that facilitate the transfer of value between parties in a transaction. 

The Bank of Canada and the Department of Finance Canada both have important regulatory responsibilities for the payments system. The Bank of Canada oversees payments and other clearing and settlement systems as part of its regulatory responsibilities under the Payment Clearing and Settlement Act. This allows financial institutions to engage in large transactions safely and efficiently.

The Department of Finance Canada supports the Minister of Finance in developing payments policy and in providing oversight of the Canadian Payments Association, which operates national clearing and settlement systems for payments, and the retail payments system generally. The Minister of Finance is also responsible for all legislation and regulations related to federally regulated financial institutions, which include the major chartered banks, trust companies and insurance companies.

Mandate of the Task Force

Given the importance of a safe and efficient payments system and the need to ensure it remains effective in light of new participants and innovations, the Task Force was asked to provide concrete, actionable advice and recommendations to the Minister of Finance. The Task Force was guided by the following mandate:  

  • Identify public policy objectives to be pursued in the operation and regulation of the payments system;
  • Identify and assess the regulatory and institutional structures best suited to achieving these public policy objectives;
  • Assess and report on the safety and soundness of the Canadian payments system;
  • Assess the competitive landscape by identifying any potential barriers for new entrants and mechanisms to improve the competitive landscape of the domestic payments system;
  • Assess the degree of innovation in the domestic payments system and report on the challenges and opportunities to bring new and innovative products to market in Canada; and
  • Assess and report on whether consumers and merchants are well served by the domestic payments system.

The work of the Task Force included two separate rounds of online consultations, regional roundtables, and a series of working groups intended to strengthen relationships and promote dialogue within the payments industry. Stakeholders were drawn from a wide range of sectors, including federal and provincial governments, consumer groups, businesses and the financial sector.

The Task Force’s final report, entitled Moving Canada into the Digital Age, is supplemented by four policy papers:

Over the course of its mandate, the Task Force also prepared four discussion papers, drawing inspiration from input received by key stakeholders. They are:

Biographical Notes

Chair: Patricia Meredith, FCA

Patricia Meredith is a Professional Associate and Senior Adviser to financial services and technology companies with the strategy consulting firm Monitor Group. She teaches Competitive and Organizational Strategy at York University’s Schulich School of Business and at University of Toronto’s Rotman School of Management, and has served as a director for several public, private and not-for-profit organizations, including Sceptre Investment Counsel Ltd.

Ms. Meredith is formerly the Executive Vice President of corporate strategy at Canadian Imperial Bank of Commerce and a member of the bank’s Senior Executive Team. At CIBC she was intimately involved in the development and implementation of strategies for corporate, investment and retail banking, mortgages, credit cards, payments and other businesses.

Ms. Meredith received a Doctor of Philosophy from York University, a Masters of Business Administration from McMaster University and a Bachelor of Mathematics from the University of Waterloo. In 1994 she was named a Fellow of the Institute of Chartered Accountants.

Brad Badeau, MBA, CA

Brad Badeau joined Burgundy Asset Management Ltd. in April 2005 as Senior Vice President and Chief Financial Officer. He began his career in public accounting in 1982, and in 1986 joined Trimark Investment Management Inc., a wholly owned subsidiary of Trimark Financial Corporation.

Mr. Badeau assumed sales and marketing activities when he became President and Chief Operating Officer at Trimark Investment Management. In addition to his responsibilities at Trimark, he was the founding Chairman of FundSERV Inc., which processes the lion’s share of the third-party mutual fund business in Canada. He was recently founding partner and Chairman of Certapay Inc. and founding partner of Creditwave Inc.

Mr. Badeau received a Bachelor of Commerce degree from the University of Toronto in 1980 and an MBA degree from York University in 1982, and is a Chartered Accountant.

John Chant, PhD

John Chant is an Emeritus Professor in the Department of Economics at Simon Fraser University and a former Director of the Canadian Payments Association.

Mr. Chant was the Research Director of the Task Force on the Future of the Financial Services Sector, the Director of the Financial Markets Group at the Economic Council of Canada, and in 2001-2002 a Special Adviser at the Bank of Canada. He has been the editor of Economic Inquiry and acting editor of Canadian Public Policy.

Mr. Chant graduated with a BA from the University of British Columbia and a PhD from Duke University and taught at the University of Edinburgh, Duke University, Queen’s University and Carleton University, before going to Simon Fraser University in 1979.

Lili de Grandpré, MBA

Lili de Grandpré is managing director of CenCEO Consulting, a boutique management consulting firm she founded in 2005. From 1991 to 2004, she worked with Mercer Consulting in Canada and the UK, where she held various leadership positions, including head of the Canadian practice of Mercer Management Consulting from 1997 to 2002 and leader of the Human Resources Strategy practice in 2003-2004. Between 1977 and 1989 Ms. de Grandpré worked at the Bank of Montreal, latterly as vice-president, Marketing and Product Development.

Ms. de Grandpré was named a Woman of Distinction by the Women’s Y Foundation of Montreal in 2003, and recognized as a Woman of Excellence by the Montreal Chamber of Commerce in 2001. From 1992 to 2001, she was a regular guest lecturer at the Executive Development Institute of Queen’s University.

Ms. de Grandpré is a graduate of the Corporate Governance College of the Institute of Corporate Directors. She has a degree in journalism from the University of Western Ontario (1972) and received her MBA from McGill University in 1981.

Laura Gillham, B Comm.

Laura Gillham is Vice President, Marketing & Customer Strategy, of Empire Theatres Limited, Canada’s second largest film exhibition company.

As Vice President, Ms. Gillham is a member of the Executive Leadership Team, responsible for strategic planning and guest culture management. Before joining Empire Theatres she was Director of National Foodservice, Customer Marketing for Coca-Cola Ltd. In March 2010 she was Co-Chair of the Canadian Marketing Association Atlantic Conference.

Ms. Gillham is a graduate of Mount Allison University (Bachelor of Commerce, 1991) and Mount Saint Vincent University (Bachelor of Public Relations, 1993).

Stéphane Le Bouyonnec, Eng.

Stéphane Le Bouyonnec is the co-founder and President of Synergis Capital and possesses a strong background in corporate strategic planning, merger and acquisition activities and financing initiatives.

Prior to co-founding Synergis, he was Chief Operating Officer of Orthosoft, Senior Partner at Secor Consulting, President of Innovitech Consulting, Senior Vice President of the Solidarity Fund QFL, Executive Vice President of Hypocrat (today MediSolution), and CEO of Métaforia Entertainment. Mr. Le Bouyonnec is an industrial engineer who graduated from l’École Polytechnique de Montréal.

W. Terry Wright, Q.C.

Terry Wright is currently Counsel to the Winnipeg-based legal firm Pitblado LLP. Mr. Wright has served for many years in executive positions within the financial services industry. Most recently he was Senior Vice President, General Counsel and Secretary of IGM Financial Inc. (Investors Group), where he was responsible for the legal, regulatory, compliance and public policy issues concerning the corporation and its subsidiaries.

Mr. Wright has extensive financial services industry experience, serving as past Chairman of the Board of Directors of the Investment Funds Institute of Canada and the Mutual Fund Dealers Association of Canada, as well as a director of the Canadian Payments Association, the Ombudsman for Banking Services and Investments, and the Centre for the Financial Services OmbudsNetwork.

Mr. Wright is a graduate of the University of Manitoba, where he received his B.A. in 1967 and his LL.B. in 1970. He was admitted to the Bar in Manitoba in 1971 and was appointed Queen’s Counsel in 1994.