Ottawa, July 23, 2013
Archived - Statement by the Honourable Jim Flaherty, Minister of Finance, Concerning the Competition Tribunal Ruling in Respect of Certain Credit Card Network Practices
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In response to the Competition Tribunal’s ruling the Honourable Jim Flaherty, Minister of Finance, today issued the following statement:
“As job creators and drivers of economic growth, Canada’s small business owners and entrepreneurs – along with consumers – deserve clear information and fair and transparent rules on the type of payment system they use.
“That is why we developed the Code of Conduct for the Credit and Debit Card Industry in Canada. Since its inception three years ago, the Code has given Canada’s small business owners and entrepreneurs a better understanding of the costs and benefits of credit and debit cards they accept.
“I will be carefully reviewing the Competition Tribunal’s decision and also monitoring any potential appeal.
“Recognizing the importance of this issue to all involved, I have also asked that a special meeting be convened of the Government’s FinPay Committee – a consultative committee on payments issues that includes representatives from the credit card industry, small business, retailers, consumers, and many more – to discuss this matter and next steps.”
For further information, media may contact:
Office of the Minister of Finance
Department of Finance