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CONSUMERS OF FINANCIAL SERVICES. Role of Supervisory Authorities. Keynote Address to the FinCoNet Open Meeting 22 April 2016. Bernard Sheridan, Chair. Overview. Protecting the best interests of consumers. ID: 527008 Download Presentation

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PROTECTING THE INTERESTS OF




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PROTECTING THE INTERESTS OF CONSUMERS OF FINANCIAL SERVICESRole of Supervisory Authorities

Keynote Address to the FinCoNet Open Meeting 22 April 2016Bernard Sheridan, Chair

Slide2

Overview

Protecting the best interests of consumers

Role of Supervisory Authorities

FinCoNet and its role

Challenges and opportunities faced by FinCoNet

Slide3

Central Bank of Ireland – Mission Statement

“Safeguarding Stability -

Protecting Consumers”

Slide4

Central Bank of Ireland – Statutory Objective

Effective

regulation of financial service providers and markets, while ensuring that the best interests of consumers are protected

Slide5

The CPOR outlines our consumer protection objectives and our assessment of the current and emerging consumer environment and risks to our objectives, for full consideration by the firms we regulate in the context of our desired consumer protection outcomes.

Our desired consumer protection outcomes are:A positive consumer-focussed culture that is embedded and demonstrated within all firms.A consumer protection framework that is fit for purpose and ensures that consumers best interests are protected.Regulated firms that are fully compliant with their obligations and are treating their customers (existing and new) in a fair and transparent way.

“Getting it right for consumers”

5

We have published our second

Consumer

Protection Outlook

Report

Slide6

Consumer Protection Objectives

Ensuring

consumers are treated fairly and with respect and dignity by firms

Firms

act in their consumers’ best interests in all that they do

CBI Consumer Protection Department Mission Statement

Getting It Right for Consumers

“We will work together and with others to strengthen

and maintain protection for consumers so that

financial services work in the best interests

of all consumers, now and in the future”.

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Protecting Consumers’ Best Interests

Slide8

Role of Supervisory Authorities

Key driver and influencer of the behaviour of regulated firms

Ensuring consumer protection framework is fit for purpose

Deciding who is authorised to provide services

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G20/OECD High Level Principle 2 – the role of oversight bodies

Oversight bodies explicitly responsible for financial consumer protection, with the necessary authority to fulfil their mandates

Require:

Clear and objectively defined responsibilities and appropriate governance

Operational independence

Accountability for their activities

Adequate powers

Resources and capabilities

Defined and transparent enforcement framework

Clear and consistent regulatory processes

Slide10

G20/OECD High Level Principle 2 – the role of oversight bodies

Observe high professional standards

Promotion of co-operation with other financial services oversight authorities and between authorities or departments in charge of

sectoral

issues

Promotion of international co-operation between oversight bodies

Specific attention for consumer protection issues arising from international transactions and cross-border marketing and sales

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Central Bank of Ireland

Delivers on consumer protection legislative mandate under 3 broad functional areas: gatekeeper, policy maker/influencer, supervisor/enforcer

Challenges in delivering mandate

Difficulty in defining and measuring outcomes trying to achieve

Expectations of the role of supervisory authorities

Limited resources

Difficulty in identifying emerging risks and committing to addressing them alongside current market

risks

Seeking continuous

improvement – peer review every 4 years

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The International Financial Consumer Protection Organisation (FinCoNet)

Formally established in 2013 to replace the informal network of supervisory authorities which has existed since 2003International organisation of supervisory authorities with responsibility for financial consumer protectionMember based organisation set up as a not-for-profit association under French law

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FinCoNet’s Mission

T

o

promote sound market conduct and strong consumer protection through efficient and effective financial market conduct supervision with an initial focus on banking and credit consumer

issues

T

o enhance the protection of consumers and strengthen consumer confidence by promoting robust and effective supervisory standards and practices and by the sharing of best practices among supervisors

To promote fair and transparent market practices and clear disclosure to consumers of financial services

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FinCoNet Membership as at March 2016

FinCoNet Governing Council

FinCoNet Member Countries

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Consumer Protection Work

July 2014 – publication of report on Responsible

L

ending

January 2016 – publication of report on Sales

I

ncentives and

R

esponsible Lending

Creation of

a

‘Supervisory Toolbox’ - an online tool to compare supervisory

mechanisms

across

jurisdictions

Developing

a ‘Report on Online and Mobile Payments: Supervisory challenges to mitigate security risks

Clearspace and FinCoNet website – forum for exchange of information

FinCoNet newsletters

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Challenges and Opportunities for FinCoNet

Promote internationally of the need for the protection of the interests of consumers of financial services

E

mbed consumer protection into every supervisory framework

Develop capacity to help members engage with each other, share best practices and learn from each other

Ensure that all supervisory authorities responsible for consumer protection are aware of FinCoNet and encouraged to join

Facilitation of peer reviews and short-term exchange of staff

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Questions

How can FinCoNet help promote and support further the need for protecting the best interests of consumers among supervisory authorities?

How can FinCoNet support members in shaping a positive, consumer-focussed culture in the firms which they supervise?

As members, are we supporting other members through contributing and sharing our own experiences and best practices through the newsletters and Clearspace?

Are we, as members, reaching out to other potential members to inform them of our work?

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