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The Resource for the Global Finance Profession

Finance Minister Flaherty Reveals Payments Advisory Board

  • By Andrew Deichler
  • Published: 2013-01-28

Last June at Payments Panorama 2012, Canadian Finance Minister Jim Flaherty announced the Finance Canada Payments Consultative Committee (FinPay), which meets regularly to discuss emerging payments issues. Flaherty told AFPC in an interview that corporates would have a strong voice in FinPay. Since then, however, very little information has emerged about the committee.

Now the full list of FinPay members has been announced, along with the committee's primary objectives.

FinPay is comprised of public and private sector representatives that meet no less than bi-annually to discuss industry-level developments in the Canadian payments system. The committee is chaired by Diane Lafleur, Director General of the Department of Finance. Membership is determined by Finance Canada and includes corporates, banks and other various payments industry stakeholders. Ron Matthews, AFPC's representative to the Stakeholder Advisory Council of the Canadian Payments Association, is currently the only independent member.

The committee is charged with:

• Advising the Department of Finance on developments related to public policy aspects of payments issues
• Discussing approaches for dealing with emerging and ongoing challenges
• Informing government policymaking about the Canadian payments system.

FinPay may establish working groups to further these objectives. There will be a mix of permanent and renewable term members. FinPay may also seek expertise from industry experts outside the committee.

The most recent FinPay meeting occurred on January 22. The next meeting is slated for May 2.

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