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ARTICLE · 19 MAY 2017

FCAC Publishes First Decision Regarding Non-Compliance With Code Of Conduct

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On May 15, 2017, the FCAC published Commissioner's Decision #126 regarding non-compliance with the Code of Conduct for the Credit and Debit Card Industry in Canada by a payment card network operator.

CanadaFinance and Banking
Bonny Murray
Bonny Murray
Jacqueline Shinfield
Jacqueline Shinfield
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On May 15, 2017, the Financial Consumer Agency of Canada (FCAC) published Commissioner's Decision #126 (Decision) regarding non-compliance with the Code of Conduct for the Credit and Debit Card Industry in Canada (Code of Conduct) by a payment card network operator (PCNO). The Decision is significant in that it is the first Commissioner's Decision published regarding non-compliance with the Code of Conduct, and in particular regarding the obligation of a PCNO to ensure compliance by its participants.

The Decision stemmed from a Notice of Non-Compliance previously issued to the PCNO, which found that the PCNO had failed to ensure that monthly statements issued to merchants complied with Element 1 of the Code of Conduct. For a period of approximately three years, monthly statements issued to merchants by payment processors contained incorrect disclosure for certain transaction types.

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