The Bank of Canada has appointed Ron Morrow as executive director of retail payments supervision, the central bank said in a release on Wednesday.
The position was created to support the bank’s new mandate to supervise retail payment service providers (PSPs), as per the Retail Payment Activities Act, which Parliament passed in June.
Under the act, the Bank of Canada is responsible for supervising PSPs to protect end users and help ensure the safety and reliability of PSP services, the release said.
Morrow will lead the design and implementation of the supervisory framework, including ongoing consultations on the central bank’s role as regulations are developed.
He will also act as an independent reviewer of enforcement actions initiated by supervisory staff and advise the bank’s governor on risks related to PSPs.
“The payments eco-system in Canada and globally is evolving rapidly, with innovative new options and many new participants,” said Bank of Canada Governor Tiff Macklem, in the release.
“Ron’s expertise, experience and leadership will ensure that we undertake this new role on behalf of Canadians with the same rigour, dedication and professionalism that the bank applies to all its mandated responsibilities.”
Morrow joined the Bank of Canada in 1992 and has worked in several areas across its monetary policy, financial stability and funds management functions.
In 2010 he became managing director of the funds management and banking department; and in 2013, the managing director of the financial stability department.
In 2018 Morrow became an advisor to the governor, focusing on advancing the bank’s strategic objectives related to retail payments, financial market infrastructure and the financial system’s efficiency.
He also represented the bank on the Basel Committee on Banking Supervision and chairs the bank’s pension fund investment committee.
Morrow’s appointment is effective on Aug. 9.