Press Room
Code of Conduct for the Credit and Debit Card
Consumer choice has been respected, says Option consommateurs
Montreal and Ottawa, April 16th, 2010 –
Option consommateurs enthusiastically welcomes this morning's release of the new Code of Conduct for Debit and Credit Cards by the Minister of Finance. Mr. Flaherty has listened to consumers and incorporated their interests in this new code. Option consommateurs calls on credit and debit card issuers and financial institutions to announce and to implement their acceptance of the Code quickly and publicly.
“The new code guarantees consumer choice,” said Anu Bose, Head of the Ottawa office of Option consommateurs. We are pleased that the task of monitoring compliance by acquirers (network operators) and card issuers has been assigned to the Financial Consumer Agency of Canada (FCAC). We also welcome the Minister's words reserving his right to legislate if the Code is not respected or if it fails to regulate industry practices.
Option consommateurs are particularly pleased that the consumer is allowed to determine payment methods. It also supports the provision that debit and credit card functions shall not “co-reside” on the same payment card.
Option consommateurs stresses that merchants also have a responsibility to provide consumers with the right information so that they can make an informed choice. They will need to post clear and consistent information on their payment option and discounts.
Option Consommateurs is a not-for-profit association founded in 1983 with a mission to defend and promote consumer rights. To this end, it is involved in about thirty class action suits. It is also deeply involved in the fields of energy, agri-food, financial services and business practices.
Information :
Julie Gagnon
Conseillère aux communications / Press Officer
Option consommateurs
514 598-7288, ext. 226
Cell. : 514 777-6133
gagnon@option-consommateurs.org
Anu Bose, PhD
Head, Ottawa office
Option consommateurs
(613) 244-2111
bose@option-consommateurs.org
“The new code guarantees consumer choice,” said Anu Bose, Head of the Ottawa office of Option consommateurs. We are pleased that the task of monitoring compliance by acquirers (network operators) and card issuers has been assigned to the Financial Consumer Agency of Canada (FCAC). We also welcome the Minister's words reserving his right to legislate if the Code is not respected or if it fails to regulate industry practices.
Option consommateurs are particularly pleased that the consumer is allowed to determine payment methods. It also supports the provision that debit and credit card functions shall not “co-reside” on the same payment card.
Option consommateurs stresses that merchants also have a responsibility to provide consumers with the right information so that they can make an informed choice. They will need to post clear and consistent information on their payment option and discounts.
Option Consommateurs is a not-for-profit association founded in 1983 with a mission to defend and promote consumer rights. To this end, it is involved in about thirty class action suits. It is also deeply involved in the fields of energy, agri-food, financial services and business practices.
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Information :
Julie Gagnon
Conseillère aux communications / Press Officer
Option consommateurs
514 598-7288, ext. 226
Cell. : 514 777-6133
gagnon@option-consommateurs.org
Anu Bose, PhD
Head, Ottawa office
Option consommateurs
(613) 244-2111
bose@option-consommateurs.org
