Thank you.
I'd like to continue the discussion on electronic payments. More and more citizens are talking to us about that. This issue is a great concern for them. In Canada, one industry could expand extensively, on the Internet, among other things, if statutory measures aren't introduced to slow that trend. However, those measures aren't included in the act for the moment.
I know you favour a voluntary approach, but that involves two problems, in my view. First, it can be a long and difficult process, and it isn't clear that it will be to the advantage of consumers. In addition, people's perceptions are at issue. I won't be telling you anything new when I say that a large segment of the population has little or no trust in the financial institutions. Citizens often tell me that they doubt those institutions are able to regulate themselves. They also doubt that this process is to their advantage.
One of the measures sought by a number of consumer advocacy organizations is to set a fraud liability limit of $50 for every electronic payment. At the moment, that limit applies when you pay by credit card.
Would you be open to the idea of applying that limit to other payment methods, so that this minimum protection always applies, regardless of payment method? We would be assured that the financial institutions would make even greater efforts to prevent fraud since they would have to bear the balance of any potential frauds.
If we were to adopt that measure, would you support it?