The Bank of Canada today announced the appointment of Ron Morrow as Executive Director – Retail Payments Supervision, effective August 9, 2021.

This executive-level position has been created, with endorsement from the Bank’s Board of Directors, to support the Bank’s new mandate to supervise retail payment service providers (PSPs), as per the Retail Payment Activities Act. Under this Act, which was approved by Parliament on June 29, 2021, the Bank will be responsible for supervising PSPs to protect end users and help ensure the safety and reliability of PSP services. As per the Act, the Bank will maintain a public registry of all regulated payment service providers and a regular reporting framework. Bank of Canada supervision will also ensure that PSPs mitigate their operational risk and safeguard end-user funds.

Reporting directly to the Governor, Mr. Morrow will lead the design and implementation of the Retail Payments Supervision (RPS) Framework, including ongoing consultations on the Bank’s supervisory role as regulations are developed. He will build the leadership team tasked with fulfilling this new mandate and oversee planning and execution of risk monitoring of PSPs. The Executive Director role will also act as an independent reviewer of enforcement actions initiated by RPS staff and advise the Governor of the Bank of Canada on the evolution of risks related to PSPs and the retail payments landscape.

“This new mandate for the Bank is an important responsibility,” said Governor Macklem. “The payments eco-system in Canada and globally is evolving rapidly, with innovative new options and many new participants. 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.”

Born in Thunder Bay, Ontario, Mr. Morrow first joined the Bank in 1992 and has worked in several different areas across the Bank’s monetary policy, financial stability, and funds management functions. In 2010, he became Managing Director of the Funds Management and Banking Department, then Managing Director of the Financial Stability Department in 2013. Mr. Morrow became an Advisor to the Governor in 2018, focusing on advancing the Bank’s strategic objectives related to retail payments, financial market infrastructure issues, and the efficiency of the Canadian financial system. Mr. Morrow also represented the Bank on the Basel Committee on Banking Supervision and chairs the Bank’s Pension Fund Investment Committee.

Mr. Morrow holds an Honours Bachelor of Arts Degree in economics, with a minor in mathematics, from the University of Waterloo and a Master’s degree in economics from Queen’s University.