DOCSLIB.ORG

A Streamlined Regulatory Structure for Québec's Financial Sector

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
A Streamlined Regulatory Structure for Québec's Financial Sector A Streamlined Regulatory Structure for Québec's Financial Sector Report of the Task Force on Financial Sector Regulation December 2001 A Streamlined Regulatory Structure for Québec’s Financial Sector ISBN 2-550-38533-0 Legal Deposit Bibliothèque nationale du Québec Publication: December 2001 Montréal, December 2001 Ms. Pauline Marois Deputy Premier and Minister of State for the Economy and Finance Ministère des Finances 12, rue Saint-Louis, 1er étage Québec (Québec) G1R 5L3 Madam, We are pleased to submit the report of the Task Force on Financial Sector Regulation, entitled “A Streamlined Regulatory Structure for Québec’s Financial Sector”. This report is more than the product of our deliberations; it represents the efforts and contributions of interested people, industry stakeholders in particular, to fulfil the mandate you gave us last May 2. This mandate is particularly opportune in view of the disintermediation, decompartmentalization and inter-sectoral convergence in Québec’s financial sector. Our proposal to create a single regulatory body, namely the Agence d’encadrement du secteur financier du Québec, satisfies, in our view, the clear need for simplicity and efficiency of a constantly changing financial sector. The recommendations in this report should make it possible to effect tangible improvement in the regulatory structure of Québec’s financial sector. … 2 Ms. Pauline Marois - 2 - We thank you for your confidence in us and remain Yours truly, Claude Béland Pierre Carrier Yvon Charest Pierre Comtois Pierre Laurin Dominique Vachon Yvon Martineau, Chairman FOREWORD The Task Force on Financial Sector Regulation, constituted by order-in- council on May 2, 2001, was instructed to analyze the regulatory structure of Québec’s financial sector and recommend measures to the Minister of State for the Economy and Finance regarding regulatory bodies and the improvement of this structure. The Task Force’s mandate also stipulated that the recommendations focus primarily on protection of consumers of financial products and services and on reducing the administrative burden on this sector. The Task Force wanted to know the concerns of industry stakeholders and the public at large. Accordingly, as part of its mandate, it made the effort needed to gather extensive information and data. The Task Force met with representatives of the regulatory bodies it studied. It undertook a general consultation to obtain the views of interested parties (producers, distributors and consumers) on the regulatory structure and met with representatives of certain organizations that filed briefs in order to discuss certain issues and questions with them at greater length. In addition, the Task Force met with guests from Québec, Great Britain, France and Australia, most of which had participated in the reform of financial sector regulation in their respective countries. The Task Force continued its intensive deliberations during many meetings, right up to the tabling of this report. We wish to acknowledge the contribution of the individuals and organizations that offered their views. We also want to thank the guests who enabled us not only to discuss reforms that have been implemented elsewhere, but also to deepen our analysis. i FOREWORD i SUMMARY The Task Force on Financial Sector Regulation was set up on May 2, 2001. Its mandate is to recommend measures to the Minister of State for the Economy and Finance to improve the regulatory structure of Québec’s financial sector so that it is better able to protect the consumer and minimize the administrative burden on the industry, while at the same time allowing Québec to protect its fields of jurisdiction regarding this vital sector of its economy. After having studied how many regulatory systems operate, more particularly Québec’s, the Task Force consulted broadly and collected comments and suggestions. The essential message is clear: the administrative burden is excessive and the regulatory structure overly complex. Consumers find the structure confusing and regulated entities complain. The Task Force observes that, in spite of Québec’s innovative policies, the regulatory structure has yet to be adapted to the transformation of the decompartmentalized financial sector. All too often, consumers must find their way through a confusing labyrinth, while the industry must deal with a phalanx of regulatory bodies where the clash of cultures and corporate interests often hinder cooperation among stakeholders. The Task Force then examined how Québec’s regulatory structure can be improved. Drawing on the reforms undertaken in jurisdictions that have already updated their regulatory structure, the Task Force adopted a series of guiding principles that any regulatory structure should satisfy to achieve the objectives of its mandate. The Task Force proposes setting up the Agence d’encadrement du secteur financier du Québec (Agence). The Agence would be responsible for the entire financial sector regulatory system. It would be headed by a president and chief executive officer, assisted by superintendents, and would have five divisions charged with the following five regulatory functions: - consumer assistance; - solvency; - distribution; - securities markets; - compensation. Each division would have specialists with real-world knowledge who would be able to adequately administer the specific regulatory requirements of each field of the financial sector. iii A STREAMLINED REGULATORY STRUCTURE FOR QUÉBEC’S FINANCIAL SECTOR The Agence would thus provide the consumer of financial products and services with one-stop service for information, education and complaints. The industry would also have one-stop convenience. As the sole authority, the Agence would have to coordinate all the regulatory duties of its divisions concerning registration, issuing of licenses, disclosure requirements, inspections and investigations. As a strong and credible organization, the Agence would be in a position to make Québec’s case on various Canadian and North American harmonization forums and thus act as a counterweight to the centralized regulatory bodies of other jurisdictions. It is impossible to escape the tensions resulting from the ongoing conflict between the interests of consumers and the development of the industry. The Agence would remain sensitive to their needs through consultation mechanisms, including a “Conseil de la régie administrative”. Relieved of an excessive administrative burden, the financial sector will be able to devote more time, resources and energy to its development. The result will be a more competitive industry, the primary guarantee of better consumer protection. iv TABLE OF CONTENTS FOREWORD….. …………………………………………………………………………….i SUMMARY…….……………………………………………………………………………iii 1. THE TASK FORCE ON FINANCIAL SECTOR REGULATION .............................1 1.1 MANDATE ................................................................................................................1 1.2 MEMBERSHIP .........................................................................................................1 1.3 APPROACH ..............................................................................................................2 2. A STREAMLINED REGULATORY STRUCTURE FOR QUÉBEC'S FINANCIAL SECTOR ....................................................................................................5 2.1 THE INDUSTRY.......................................................................................................7 2.1.1 THE SIZE OF THE INDUSTRY ...............................................................................7 2.1.2 MAJOR TRENDS..................................................................................................8 2.1.3 GROWTH IN DEPOSITS AND MUTUAL FUNDS.....................................................10 2.1.4 THE INSURANCE MARKET ................................................................................10 2.1.5 THE CREDIT AND CORPORATE FINANCING MARKET..........................................11 2.1.6 INVESTMENT DEALERS.....................................................................................12 2.1.7 PORTFOLIO MANAGERS....................................................................................13 2.1.8 PENSION PLANS................................................................................................14 2.2 THE GOVERNMENT ............................................................................................15 2.3 THE CONSUMER ..................................................................................................17 3. EXISTING FINAN CIAL SECTOR REGULATION IS QUÉBEC ..........................21 3.1 FINANCIAL SECTOR REGULATION IN QUÉBEC........................................23 3.1.1 TYPES OF ACTIVITIES: PRODUCTION AND DISTRIBUTION..................................23 3.1.2 REGULATION ...................................................................................................24 3.1.3 TYPES OF REGULATION ....................................................................................24 3.1.3.1 Solvency regulation ......................................................................................... 25 3.1.3.2 Securities markets regulation........................................................................... 26 3.1.3.3 Distribution regulation..................................................................................... 27 3.1.3.4 Consumer assistance regulation......................................................................
Load more

Recommended publications
  • The Reason Given for the UK's Decision to Float Sterling Was the Weight of International Short-Term Capital
    - Issue No. 181 No. 190, July 6, 1972 The Pound Afloat: The reason given for the U.K.'s decision to float sterling was the weight of international short-term capital movements which, despite concerted intervention from the Bank of England and European central banks, had necessitated massive sup­ port operations. The U.K. is anxious that the rate should quickly o.s move to a "realistic" level, at or around the old parity of %2. 40 - r,/, .• representing an effective 8% devaluation against the dollar. A w formal devaluation coupled with a wage freeze was urged by the :,I' Bank of England, but this would be politically embarrassing in the }t!IJ light of the U.K. Chancellor's repeated statements that the pound was "not at an unrealistic rate." The decision to float has been taken in spite of a danger that this may provoke an international or European monetary crisis. European markets tend to consider sterling as the dollar's first line of defense and, although the U.S. Treasury reaffirmed the Smithsonian Agreement, there are fears throughout Europe that pressure on the U.S. currency could disrupt the exchange rate re­ lationship established last December. On the Continent, the Dutch and Belgians have put forward a scheme for a joint float of Common Market currencies against the dollar. It will not easily be implemented, since speculation in the ex­ change markets has pushed the various EEC countries in different directions. The Germans have been under pressure to revalue, the Italians to devalue. Total opposition to a Community float is ex­ pected from France (this would sever the ties between the franc and gold), and the French also are adamant that Britain should re­ affirm its allegiance to the European monetary agreement and return to a fixed parity.
    [Show full text]
  • Climate-Related Risks for Ministries of Finance
    Climate-Related Risks for Ministries of Finance: An Overview —- Nepomuk Dunz and Samantha Power (World Bank) A product of the Helsinki Principle 5 Workstream May 2021 Authors and Acknowledgements This note was co-authored by Nepomuk Dunz and Samantha Power (World Bank) under the direction of the Sherpa Co-Chairs of the Coalition of Finance Ministers for Climate Action, Pekka Moren (Finland) and Masyita Crystallin (Indonesia), the Lead of the Helsinki Principle 5 Workstream, Meg Nicolaysen (UK), and Fiona Stewart (World Bank). This note benefited from contributions from Robert Zymek, Emmanuelle Dot (UK Treasury), Joanna Tikkanen (MoF Finland), Bryan Gurhy, Sebastien Boitreaud, Cigdem Aslan, Hiroshi Tsubota, Lars Jessen, Henk Jan Reinders, Rachel Chi Kiu Mok (World Bank), Ulrich Volz (SOAS, University of London), Joaquim Levy, Carter Brandon, and Lihuan Zhou (World Resources Institute), as well as input from the Helsinki Principle 5 Workstream Members more broadly. This note also benefited from the work of the Network for Greening the Financial System (NGFS) and its members. Benjamin Holzman provided graphic design. Disclaimer and Copyright This work is a product of the Coalition of Finance Ministers for Climate Action (‘the Coalition’) and was prepared at the request of the Co-Chairs of the Coalition under the Helsinki Principle 5 Workstream on ‘mobilizing private finance for climate action’. The views, findings, interpretations, and conclusions expressed, however, are those of the authors and do not necessarily reflect those of the Coalition, its Members, or the affiliations of the authors. This work may be reproduced, in whole or in part, for non-commercial purposes provided full attribution to this work is given.
    [Show full text]
  • The Theory and History of Banking
    T H E H EO RY A ND H IST O O F B A NK ING CHARLES F . DUNBAR MRLY P E OF P LITICAL EC MY HARVARD U IVE ITY O ROF SSOR O ONO . N RS W ITH CHAPTE RS ON FOREIGN E"CHANGE AND CENTRAL B ANKS B Y L VE AGUE O I R M. W . SPR P FE OF B K G AND F CE H V D U V E TY RO SSOR AN IN INAN . AR AR NI RSI W ITH SU PPLEMENTARY CHAPTER PRESENTING RECORD OF THE FEDERAL RESERV E SYSTEM B Y HENRY PARKE R WILLIS Pnon sso a op B ANKING COLUMB IA U NI VE RSI TY FORuE RLY EC E T Y FED E L E E a a S R AR RA RES RV li t 8 E 4 FOURTH E DITION A ’ G . P . PUTN MS SONS NEW YORK AND LONDON Obe finichetboc ket p ress o ri h 1 8 1 C p y g t , 9 b y e s n bar Ch arl F. Du o ri h . 1 0 1 1 9 1 7 . by C p y g t 9 , ’ P . P n am s Son s G . ut o ri h 1 2 2 b C p y g t , 9 , y ' P. Pu n am s Son s G . t Fi rst P ublish ed { 8 91 con d sed Ed n 1 S e Revi i ti o 1 90 T rd R d E d i on 1 1 h i e vi se it 9 7 Four h R evi sed E di i on Oc ober 1 2 2 t t t .
    [Show full text]
  • Executive Summary
    Introducing FanMint The Next Generation of Fan Engagement for Artists, Entertainers, Athletes & Teams First Regulatory-Compliant Securities Issuance & Marketplace Utilizing Blockchain & Decentralized Finance Infrastructure © 2021 FAN Engagement, Incorporated • Confidential & Proprietary Disclaimer This confidential presentation (this “Presentation”) contains selected information about Tritaurian Capital, Incorporated and its affiliated entities (collectively, “Tritaurian”). This Presentation is intended for authorized recipients only and includes confidential, proprietary and trade secret information regarding Tritaurian and must be held strictly confidential. By accepting this presentation, each recipient agrees that (i) it will keep confidential all information contained, and (ii) that it will not use any information contained herein for any purpose other than in discussions with, or in furtherance of a business relationship with, Tritaurian. Statements contained in this Presentation are based on current expectations, estimates, projections, opinions, and beliefs of Tritaurian as of the date of the Presentation unless stated otherwise, and Tritaurian has no obligations to update any information contained herein. Such statements involve known and unknown risks and uncertainties, and are delivered “AS IS.” Tritaurian does not make any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein and nothing contained herein should be relied upon as a promise or representation as to past or future performance of Tritaurian or be construed as creating any obligation of Tritaurian without an explicit written agreement duly executed by Tritaurian. Several of the products and services described herein require Tritaurian to obtain various regulatory licenses. Some of these have not been obtained yet, but Tritaurian intends to obtain such licenses.
    [Show full text]
  • The Development and Effect of Banking in Utah, 1933
    THE DEVELOPMENT AND EFFECT OF BANKING IN UTAH, 1933 - 19^5 * J. Patrick McOahan A research report submitted to the faoulty of the University of Utah in partial fulfillment of the requirements of the degree of Master of Business Administration College of Business University of Utah May, 1963 This Research Report for K. B* A. Degree * J. Patrick MqGahan had been approved by 4 Faculty Advisor Chairman, M. B. /A, Committee Dean* //College of Business ACKNOWLEDGEMENTS The author wishes to express hia appreciation to all those who assisted hire in the preparation of this report. A speoial note of appreciation to Dr. Roland Stucki for many hours devoted to reading this research report as it progressed and for offering many helpful suggestions and criticisms. Those who freely provided information and time also deserve recognition. Among those are Mr. C. B. Quinn, Chief Examiner of the Utah State Bank Commissioner's Office, and Mr. Fredrick G. Eberhard, Secretary of the Utah Banker's Association* lii TABLE OF CONTENTS Page ACKNOWLEDGEMENTS.....................................iii LIST OF CHARTS ........................... Yi LIST OF E X H I B I T S ................................... vii CHAPTER I. INTRODUCTION .............................. 1 Background Information ......... 1 Statement of Purpose ...................... 2 General "'rocedurea and Methods Followed . 2 Plan of the Report 3 n . 1932 - 193^, A PERIOD OF LEGISLATION .... 4 Utah and tivs Depression . ................. 4 Utah Banks During the Depression ........... 6 Bank Holiday...................... .. 7 Banking Legislation 9 Utah State Legislation ....•••« 9 Banking holidays and restrictions on withdrawal of deposits 9 State depository law 10 Branch banking bill ................. .. 11 Borrowing by closed banks ....... 12 Federal Legislation 12 Federal Deposit insurance Corporation .
    [Show full text]
  • Four Generations' Innovation Needs
    HOW EASTERN LABS MEETS Four Generations’ Innovation Needs FEATURE STORY NEWS & TRENDS DEEP DIVE Why FIs should frame NatWest introducing biometric How FIs are using biometrics technological06 innovation as mobile payments09 for business and AI to enhance14 security a ‘precision tool, not a blunt customers without introducing frictions instrument’ J U N E 2019 © 2019 PYMNTS.com All Rights Reserved 1 DIGITAL BANKINGTRACKER TABLE OF CONTENTS What’s Inside 03 How financial institutions are innovating digital security tools to better engage customers who expect faster banking experiences Feature Story An interview with Ashley Nagle Eknaian, chief digital strategist and head of Eastern 06 Bank innovation unit Eastern Labs, on how the FI is approaching innovation and technologies like AI to satisfy different generations’ needs News and Trends The latest headlines on how banks are experimenting with digital cards, mobile apps 09 and online tools to better secure digital banking experiences Deep Dive A look at how biometrics, artificial intelligence and other tools can prevent fraud and 14 better identify customers without adding frictions Top 10 Rankings 18 The highest-ranking B2B and B2C digital banking providers Scorecard 19 See this month’s top scorers and a directory featuring more than 250 digital banking players About 157 Information on PYMNTS.com and Feedzai ACKNOWLEDGMENT The Digital Banking Tracker was done in collaboration with Feedzai, and PYMNTS is grateful for the company’s support and insight. PYMNTS.com retains full editorial control over the following findings, methodology and data analysis. © 2019 PYMNTS.com All Rights Reserved 2 What's Inside Speedy transactions and services are hallmarks of Around the digital banking world the digital banking industry, with consumers expect- Banks around the globe are using a variety of tech- ing to accomplish increasingly complex tasks faster nologies that merge speed and security to create than ever.
    [Show full text]
  • Government-Business Forum on Small Business Capital Formation Program
    37TH ANNUAL Government-Business Forum on Small Business Capital Formation DECEMBER 12, 2018 COLUMBUS, OHIO PROGRAM UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 DIVISION OF CORPORATION FINANCE December 12, 2018 Dear Forum Participant: Welcome to the Thirty-Seventh SEC Government-BusinessForum on Small Business Capital Fonnation. The Secu1ities and Exchange Commission has conducted this Forum annually since 1982, and we are very happy to host this year's Forum in partnership with the National Center for the Middle Market at The Ohio State University Max M. Fisher College of Business. Holding this event in Columbus, one of the best cities for entrepreneurs and startups, gives us a unique opportunjty to hear directly from participants in the small business community about their experiences with -- and thoughts on ways to improve -- our regulatory system. This year we are pleased to present two panels addressing many of the complex issues facing small businesses today. The first panel will explore how capital fonnation options are working forsmall businesses, such as those in the Midwest, and the second panel will focus on diversity and capital fonnation. We are looking forward to today's discussions and the input and recommendations we will receive from paiticipants. Thank you for devoting your time and effortsto participating in today's Forum. We also want to extend our thanks to our friends at the National Center for the Middle Market and the Max M. Fisher College of Business for being such gracious hosts and making this event happen in Columbus. Very truly yours, ��� Jennifer A. Zepralka Chief, Office of Small Business Policy 2018 SEC Government-Business Forum on Small Business Capital Formation In partnership with the National Center for the Middle Market at the The Ohio State University Max M.
    [Show full text]
  • Digital Bankingtracker™
    DIGITAL BANKINGTRACKER™ TURNING TO AI TO REDUCE DIGITAL BANKING RISKS AUGUST 2018 U.S. Bank invests in AI and ML to Four Australian FIs come together The top movers and shakers protect customers and reduce risk for a new joint offering in the digital banking space – Page 6 (Feature Story) – Page 10 (News and Trends) – Page 19 (Scorecard) © 2018 PYMNTS.com All Rights Reserved 1 DIGITAL BANKINGTRACKER™ TABLE OF CONTENTS What’s Inside An overview of the latest digital banking news, trends and headlines, including newly debuted 03 products and features from around the space Feature Story Turning To AI To Reduce Digital Banking Risks 06 David Berglund, senior vice president and artificial intelligence leader at U.S. Bank, discusses how the financial institution is using AI and machine learning to reduce risk and fight fraud. News and Trends 10 The latest digital banking landscape headlines, from company expansions and new partnerships to the unveiling of new mobile banking apps Methodology: 15 How PYMNTS evaluates various capabilities offered by B2C and B2B providers Top Ten Rankings 17 The highest-ranking B2B and B2C digital banking providers Watch List 18 Four additions to the Digital Banking Tracker™ provider directory Scorecard 19 The results are in. See this month’s top scorers and a directory featuring more than 230 digital banking players. About 146 Information about PYMNTS.com and Feedzai ACKNOWLEDGEMENT The Digital Banking Tracker™ is powered by Feedzai, and PYMNTS is grateful for the company’s support and insight. PYMNTS.com retains full editorial control over the report’s methodology and content.
    [Show full text]
  • Program: 36Th Annual SEC Government-Business Forum on Small Business Capital Formation 2017
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 DIVISION OF CORPORATION FINANCE November 30, 2017 Dear Forum Part.icipant: Welcome to the Thirty-Sixth SEC Government-Business Forum on Small Business Capital Formation. The Securities and Exchange Commission has conducted this forum annually since 1982. We are very happy to host this year's Forum in partnership with the Herb Kelleher Center for Entrepreneurship, Growth and Renewal at the McCombs School ofBusiness at The University ofTexas at Austin. As a hub for innovation, we believe Austin is a fitting place to gather small businesses, their advisors, and their investors with an opportunity to share perspectives and views on a variety of topics important to them. This year the Forum will focus on how capital formation options are working for small businesses and will feature representatives ofTexas­ based small businesses and advisors from across the nation's small business community. This opportunity to hear directly from the small business community about their experiences interacting with investors and our regulatory system helps us take a practical and effective approach in our rulemaking and interpretation. Thank you for devoting your time and efforts to participating in today's Forum. We look forward to today's discussi·ons and appreciate your comments and recommendations. We also want to extend a big thank you to our friends at the Herb Kelleher Center for being such gracious hosts and making this event happen in Austin. Very truly yours, ~~ Sebastian Gomez
    [Show full text]
  • November 2020 Disciplinary Actions
    Disciplinary and Other FINRA Actions Firms Fined Reported for Stifel, Nicolaus & Company, Incorporated (CRD® #793, St. Louis, Missouri) November 2020 September 1, 2020 – A Letter of Acceptance, Waiver and Consent (AWC) was issued in which the firm was censured and fined $40,000. No supervisory undertaking is imposed in this AWC because the firm has updated its FINRA has taken disciplinary actions supervisory systems and Written Supervisory Procedures (WSPs) regarding against the following firms and the cited supervisory deficiencies. Without admitting or denying the findings, individuals for violations of FINRA the firm consented to the sanctions and to the entry of findings that it rules; federal securities laws, rules lacked a supervisory system, including WSPs, reasonably designed to detect and regulations; and the rules of and prevent the firm and its registered representatives from executing pre- the Municipal Securities Rulemaking arranged transactions. The findings stated that the firm did not have exception Board (MSRB). reports, trade alerts, or other supervisory mechanisms designed to enable its supervisors to identify potential pre-arranged transactions. Instead, the firm relied on its supervisors to detect and prevent such transactions as part of their daily review of thousands of transactions on trade blotters. Though the firm's automated reviews of its trade blotters flagged some types of prohibited transactions for supervisory review, they did not flag pre-arranged transactions. (FINRA Case #2018057286802) E*TRADE Securities LLC (CRD #29106, Jersey City, New Jersey) September 2, 2020 – An AWC was issued in which the firm was censured and fined $2,250,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it submitted blue sheet responses to FINRA and the Securities and Exchange Commission (SEC) that inaccurately reported information concerning trades.
    [Show full text]
  • Why Banks Must Change HOW THEY USE DATA to FIGHT FRAUD
    Why Banks Must Change HOW THEY USE DATA TO FIGHT FRAUD FEATURE STORY NEWS & TRENDS DEEP DIVE BBVA on how data can help U.K. digital bank Monzo takes first How AI is innovating Indian banks fight06 increasingly tech- steps into09 the U.S. market consumers’ 13digital banking forward bad actors experiences J U LY 2019 © 2019 PYMNTS.com All Rights Reserved 1 DIGITAL BANKINGTRACKER TABLE OF CONTENTS What’s Inside 03 A look at how digital banking is evolving as financial institutions confront fraud and struggle to win over younger generations Feature Story Brian Fricke, BBVA’s chief information security officer, explains how banks can draw 06 from a global pool of customer data to keep out fraudsters News and Trends The latest digital banking news, including ride-hailing company Grab’s push for 09 banking licenses and JPMorgan Chase’s decision to shutter its digital-only brand, Finn Deep Dive A closer look at how artificial intelligence and other learning technologies are affecting 13 digital banking use in emerging markets like India Top 10 Rankings 17 The highest-ranking B2B and B2C digital banking providers Scorecard 18 See this month’s top scorers and a directory featuring more than 250 digital banking players About 156 Information on PYMNTS.com and Feedzai ACKNOWLEDGMENT The Digital Banking Tracker was done in collaboration with Feedzai, and PYMNTS is grateful for the company’s support and insight. PYMNTS.com retains full editorial control over the following findings, methodology and data analysis. © 2019 PYMNTS.com All Rights Reserved 2 What's Inside Fraud continues to plague digital banking, and it recently announced its decision to shutter its Gen is getting harder to predict.
    [Show full text]
  • Cash Report 2011 Table of Contents
    Cash Report 2011 Table of contents Foreword 2 1 Introduction 4 n Management Summary n Approach and methods 2 The cash domain in the Netherlands 8 n What is money? n Money is trust n How much money is in circulation? n Is the volume of cash in the Netherlands growing? n How often is cash used? n The cash-cycle n Discussion bodies n Laws and regulations 3 Cash and the consumer 20 n The consumer decides n Cash is anonymous n Cash is certainty n Cash is direct n Cash is tangible n Cash is (un)safe n Cash is expensive 4 The stakeholders and their position in the cash-cycle 32 n Banks and credit card companies n Retail establishments n Public sector n Cash sector 5 The future of cash 40 n The cashless society n Scenarios for the future Appendices 44 Bibliography List of interviewees Organisations* Titles* Acknowledgements 49 Publication details * Note: Organisations and titles in the text marked with an * are taken on page 48. CASH REport 2011 ENv1.1 For centuries, cash has been the most seeking – a new balance in the propor- important means of effecting payment tion of cash and electronic payments. transactions. Not until the 20th century The two main drivers in this process did serious competition arrive in the are efficiency (including in costs) and form of cheques, various electronic sub- safety. Ultimately, however, it is the cus- stitutes and debit and credit cards and, tomer who decides how to pay. since the beginning of this century, with a variety of electronic and other contact- From a social standpoint, the Nether- less means of payment.
    [Show full text]