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Consumer & Retail Advisor

Tag Archives: fintech

Department of Finance Releases Consultation Paper on New Retail Payments Oversight Framework Providing for Functional Regulation of Payment Service Providers

Posted in Retailing

In a consultation paper entitled “A New Retail Payments Oversight Framework” released on July 7, 2017, the Department of Finance proposed a federal oversight framework that would apply to payment service providers such as Fintech entities in the payment space as well as more traditional payment entities such as merchant acquirers. On McCarthy Tétrault’s Cyberlex Blog, Ana Badour and Kirsten Thompson provide an overview of the consultation paper.

Key elements of the framework which may be of interest to readers of the Consumer & Retail Advisor blog include the registration requirement for payment service providers, end-user fund safeguarding Continue Reading

Ontario Enacts Ban on the Expiry of Rewards Points

Posted in Legislation

On December 6, 2016, Bill 47 – Protecting Rewards Points Act (the “Act”), amending Ontario’s Consumer Protection Act, 2002 (the “CPA”), received Royal Assent.  The Act was first introduced on October 20 as a private member’s bill.

The primary effect – and stated purpose – of the Act is to prohibit the expiry of rewards points under consumer agreement due to the passage of time. Any provision to the contrary in any consumer agreement will be rendered void, with retroactive effect to October 1, 2016, such that all points purporting to expire after October 1, 2016, will need to be … Continue Reading