Opening statement to the Standing Committee on Industry and Technology (INDU) by Commissioner Shereen Benzvy Miller

Opening statement to the Standing Committee on Industry and Technology (INDU) by Commissioner Shereen Benzvy Miller

Thank you, Mr. Chair, for the introduction, and to the Committee for inviting us to appear before you today.

My name is Shereen Benzvy Miller. I am delighted to have been recently appointed as the Commissioner of the Financial Consumer Agency of Canada, or FCAC.  

I have been Commissioner for 12 days, and I am honoured to lead an Agency with such an important mandate.

I joined during Financial Literacy Month, which takes place every November, and is now wrapping up.

The focus of this year’s campaign is to encourage Canadians to talk about money and take steps to build their financial knowledge and confidence.

FCAC’s research shows that money conversations can lead to better financial outcomes.

FCAC welcomes this opportunity to contribute to the Committee’s study of Canada’s e-Transfer ecosystem, and the broader electronic payments industry. 

Joining me today are 3 members of my executive committee. 

We have Dr. Supriya Syal, Deputy Commissioner of Research, Policy and Education.

We also have Frank Lofranco, Deputy Commissioner of Supervision and Enforcement. 

And finally, we have Jason Bouzanis, Assistant Commissioner of Public Affairs.

Each of these three functions work together to advance the Agency’s mandate, and support and protect Canadians. 

It is my hope that their knowledge and insights will aid the Committee and inform our meeting today.

In my opening statement, I will begin by outlining FCAC’s mandate. 

Then I will turn to FCAC’s role as it relates to the payment ecosystem. 

I will also explain the regulatory requirements related to electronic payments that FCAC oversees.

Finally, I will address interchange fees and e-Transfers before concluding.

FCAC is an independent federal agency that protects the rights and interests of consumers of financial products and services. 

This includes the rights of merchants who process payment cards.