September 19, 2016
Counsel Peter Aziz was interviewed for PaymentsCompliance for his thoughts on upcoming changes to the Financial Consumer Agency of Canada's guidance to card networks, which includes new disclosure requirements designed to increase transparency for consumers (you can read our full analysis of the new guidance in our bulletin here).
Below is an excerpt of Peter's exchange with PaymentsCompliance.
...[P]ayment card networks will post any upcoming changes to these rates and fees on their websites once they have been provided to acquirers."
Commenting on the changes, Peter Aziz, counsel specialising in financial institutions and payments at Torys law firm in Toronto, said they were part of a series of measures "designed to protect merchants" that began with the creation of the code of conduct in April 2010.
"Despite the initial code, merchants were complaining of unfair practices, including opaque pricing, and the series of guidance on the code is intended to achieve full transparency," he told PaymentsCompliance.
To read the full article, download the attached PDF here.