Ottawa – Cathy McLeod, Member of Parliament for Kamloops – Thompson – Cariboo today invited her constituents to review the Government’s proposed Code of Conduct for the Credit and Debit Card Industry in Canada.

“Consumers and small businesses have raised significant concerns about the practices of credit and debit card providers.  This proposed Code of Conduct is intended to promote fair business practices and ensure merchants and consumers clearly understand the costs and benefits of credit and debit cards,” said McLeod.

The proposed Code of Conduct released today is based on ongoing discussions with merchant and consumer associations, debit and credit card networks, payment processors and card issuers across Canada. Once adopted, the proposed Code would:

-Ensure that merchants are fully aware of the costs associated with accepting credit and debit card payments.
-Provide merchants with increased pricing flexibility to encourage consumers to choose the lowest-cost payment option.
-Allow merchants to freely choose which payment option they will accept.

The proposed Code of Conduct is being circulated for a 60-day comment period. During this period, stakeholders are invited to submit their views on how best to monitor compliance with the proposed Code. Comments can be submitted to codeconsult@fin.gc.ca.

“The Government welcomes input in the process to ensure that the proposed Code will meet  its objectives,” stated McLeod. “Canadian entrepreneurs work hard to make their businesses successful and create jobs for Canadians. They can’t afford to be distracted by dealing with complicated, unfair and constantly changing practices of big credit and debit card providers.”

“By making information clearer for consumers and encouraging fairer business practices, we are taking unprecedented steps to protect Canadian consumers,” concluded McLeod.