By Louise Egan
OTTAWA (Reuters) - Canada laid down new guidelines for credit and debit card firms on Thursday that it said would give retailers greater flexibility and more information on fees and charges.
The voluntary code of conduct would include measures to make interchange fees charged to merchants available online and require a 90-day notice of any fee changes.
The code, which would apply to players like Visa Inc
"If we are unsuccessful ... with a voluntary code, then we can create an involuntary code. We have that power to do that. But we'd rather do it in concert with the important stakeholders," Canadian Finance Minister Jim Flaherty told reporters at a briefing held in a toy store at an Ottawa mall.
Flaherty said revisions to the code may be made over the next 60 days as it is circulated to stakeholders.
Many retailers would now like to see an oversight body to ensure the code is applied, said Catherine Swift, president of the Canadian Federation of Independent Business. She said the lobby group for small business had suggested a parliamentary committee.
"The light is being shone and the rock is being lifted now. We've seen voluntary codes work before," she said.
"We feel this is a first step. They say they don't want legislation. OK, you prove it by adhering to a voluntary code.
(Writing by Frank Pingue; Editing by Jeffrey Hodgson)
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