Ron Morrow was appointed Executive Director – Retail Payments Supervision, effective August 9, 2021.
In this role, reporting directly to the Governor, Mr. Morrow leads 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 heads the leadership team tasked with fulfilling this new mandate and oversees planning and execution of risk monitoring associated with Payment Service Providers (PSPs). The Executive Director role also serves as an independent reviewer of enforcement actions initiated by RPS staff and advises the Governor of the Bank of Canada on the evolution of risks related to PSPs and the retail payments landscape.
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 currently chairs the Bank’s Pension Fund Investment Committee.
Born in Thunder Bay, Ontario, Mr. Morrow received an honours bachelor of arts degree in economics, with a minor in mathematics, from the University of Waterloo. He also holds a master’s degree in economics from Queen’s University.