Thank you, Chair.
I'd like to use my time to move a motion that I hope we can dispose of quickly. I gave notice of it on Tuesday.
I move:
That, following testimony from banking executives, the Standing Committee on Industry and Technology encourages the Competition Bureau to investigate potential anti-competitive behaviour in Canada’s e-Transfer ecosystem, and if deemed necessary, the broader electronic payments industry in general, and that the committee report its concerns to the House.
I'll speak very briefly on this motion, Chair. I think we were all shocked by the testimony earlier this week by a financial executive, who also serves on the Interac board of directors, who stated that there was in fact a tiered volume pricing system for Interac e-transfer fees that likely disadvantages smaller financial institutions. That obviously poses competitive issues for new entrants into the market, potential new financial services companies, but it also has an impact on consumers.
I think the appropriate vehicle for this, especially given the Competitions Bureau's new power, is to ask or encourage.... I know that the Competition Bureau sets their own agenda. That's why I use the word “encourage”. It's just a mark of multipartisan concern on this issue. I also would just note for precedent that earlier this year the Minister of Industry did write to the Competition Bureau to look at the issue of digital wallets. There is precedent for this. The word is “encourage”. I just would like a show of unity within the committee here that we are all concerned about this behaviour. It doesn't particularly deal with the government right now, but certainly I think a Competition Bureau review of this particular issue could provide some recommendations or findings for which we could legislate in the future.
Thank you.