1、FinCoNet Annual General Meeting Workshop I: Strategic Priorities 15th October 2015, Cape Town,FinCoNet - The International Financial Consumer Protection Organisation,1,Consumer protection challenges in delivering,Consumer protection very challenging area important role impacting on the daily lives o
2、f consumers banking, credit, payments changing and dynamic environment Consumer protection focus is on assessing the risks to consumers and addressing those risks Outcomes focussed viewed from perspective of the consumer (best interest test) and not from the firm Key elements for success Framework i
3、s fit for purpose - legal framework, supervisory authority with the right powers 3 core functions Gatekeeper Supervisor/Enforcer Policy maker/influencer/advocacy Consumer focussed culture exists within firms from top down boards/CEOs, incentive structures, internal governance (including product over
4、sight) and control framework to monitor Strong monitoring and enforcing of rules with a focus on appropriate redress as well as compliance Confidence of consumers that firms acting in their interests and regulators doing their job Key is to embed long-term sustainable practices which deliver the rig
5、ht outcomes,FinCoNet - The International Financial Consumer Protection Organisation,2,Role of FinCoNet,The purpose of FinCoNet can be summarised as: Facilitating and promoting international co-operation in the promotion of international standards of regulation, oversight and enforcement on the matte
6、r of financial consumer protection and facilitating contact between supervisory authorities and other relevant parties. Providing a worldwide forum of supervisors for policy dialogue and exchange of information on financial consumer protection; Influencing and participating in the work of relevant i
7、nternational bodies in the area of financial consumer protection and contribute to advancing the G20s financial consumer protection agenda ; Assessing the strengths and weaknesses of existing institutional arrangement models of supervisory authorities and identifying effective approaches that can as
8、sist financial consumer protection supervisors in carrying out their responsibilities Member-based and member-lead,FinCoNet - The International Financial Consumer Protection Organisation,3,Particular Challenges,Delivering these objectives against a background of diverse national regulatory set-ups f
9、or protecting consumers. No overarching international consumer protection framework G20/OECD high level principles on Financial Consumer ProtectionNo universal understanding of what consumer protection is.Growing member engagement and participation.,FinCoNet - The International Financial Consumer Pr
10、otection Organisation,4,What is working well?,Organisational structure now firmly in place Website presence in place/clearspace for members Funding for current model Governing Council membership and participation OECD co-operation agreement/support Priority issues identified with work progressing on
11、 three topics Exchange of information on current issues newsletter/website,FinCoNet - The International Financial Consumer Protection Organisation,5,What is working well? (contd.),Membership continues to grow (slowly) Annual meetings Portugal, China, South Africa with commitments from Indonesia, Jap
12、an and Ireland Growing interest from other consumer focused international organisations in the potential of FinCoNet.,FinCoNet - The International Financial Consumer Protection Organisation,6,FinCoNets Future Progression,What are the top 3 consumer protection priorities for FinCoNet over the next fe
13、w years? What are the big challenges facing FinCoNet over the next few years in the following key areas: - strengthening the consumer protection framework- setting standards and sharing best practice - ensuring the organisation is fit for future - effectively influencing and responding to external developments and issuesHow should FinCoNet address these?,FinCoNet - The International Financial Consumer Protection Organisation,7,
