TORONTO - The Canadian Federation of Independent Grocers (CFIG) welcomes the announcement today by Finance Minister, Jim Flaherty, that sets out a code of conduct by which credit card companies must abide. "The Code of Conduct is a very positive step and we are encouraged that many of the concerns we have raised on behalf of independent retail grocers have been heard by the Government," said John F.T. Scott, President and CEO of CFIG.

Over the last two years, retailers across the country have been hammered by unrelenting fee increases, a lack of transparency and agreements forced on retailers that abused the dominant position of the credit card companies in Canada. In particular, many small and medium size retailers simply do not have the clout to deal with credit card giants and payment processors. CFIG spoke about that 'retail reality' in testimony to the Senate, House of Commons, and in meetings with the Government. The President of CFIG pointed out that, "A code that can ensure compliance encourages a competitive environment with fairer business practices that helps protect not just independent grocers, but all small businesses in every sector of our economy, which in the long run, protects Canadian consumers."

Scott added, "Just this week, our members had brought forward examples of new terms being imposed on retailers by payment processors that are frighteningly similar to the 'negative option' issue that landed the cable companies in hot water a few years ago." "This is an additional area that needs to be addressed in the Code," the CFIG President said, pointing out that the Government is asking for additional comments on the Code during a 60 day consultation period.

The Canadian Federation of Independent Grocers (CFIG) is a non-profit trade association founded in 1962, which continues to be a collaborative community, equipping and enabling independent, franchised and specialty grocers for sustainable success. Representing over 4000 grocery retailers from every part of Canada, CFIG is a strong and united voice for independent grocers, providing programs for operational excellence, facilitating educational and training programs and fostering enabling-relationships among retailers and suppliers. CFIG is a respected organization that speaks confidently for its retail members to industry, government, and the consumer.