Financial Consumer Protection responses to the Covid-19 crisis

 

Supervisory authorities from around the globe are taking action, providing guidance and recommending measures to help address the collective challenge caused by the coronavirus crisis COVID-19 that is affecting all countries in 2020.

We are sharing below, as we receive them, information from FinCoNet members and other relevant public authorities in response to the current situation, to help financial consumers and financial services providers deal with the consequences of this major crisis.

FinCoNet Members: Australia Brazil Canada Canada, Ontario France Germany Indonesia Ireland Italy Japan Korea Netherlands  People's Republic of China Peru Portugal Russian Federation Saudi Arabia Spain South Africa Ukraine United Kingdom CGAP		Non-Member Jurisdictions: Argentina Armenia Austria Belgium Chile Colombia Costa Rica Croatia Czech Republic Ethiopia Hong Kong, China Hungary India IOPS Israel Jamaica Latvia Lithuania Mexico Moldova Montenegro Namibia New Zealand North Macedonia Papua New Guinea Poland Singapore Slovak Republic Slovenia Turkey United States Zimbabwe European Union - EIOPA

Australia	Australian Treasury : www.treasury.gov.au/coronavirus ASIC’s general position on its operations in light of COVID-19. At a high level, it outlines ASIC’s priorities going into the immediate future and how it will respond to the implications of COVID-19: https://asic.gov.au/about-asic/news-centre/find-a-media-release/2020-releases/20-070mr-asic-recalibrates-its-regulatory-… General information hub providing information for consumers, investors, small businesses, superannuation trustees, insurers, market participants and financial advisors. This provides entities within those sectors with key industry changes and other information that may assist in this current environment:  https://asic.gov.au/about-asic/news-centre/articles/covid-19-information/ Information hub highlights regulatory work and projects that are currently ongoing in each of ASIC’s regulated sectors and how the work is impacted by COVID-19. It also discloses what ASIC is doing to support those sectors e.g. our relief powers and no-action positions:  https://asic.gov.au/regulatory-resources/find-a-document/regulatory-document-updates/changes-to-regulatory-work-and-prio…      ASIC’s media release provides an update on the work that has been reprioritised in response to COVID-19. It also provides an overview of the work ASIC will be prioritising during this time: https://asic.gov.au/about-asic/news-centre/find-a-media-release/2020-releases/20-086mr-details-of-changes-to-asic-regula…  The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) worked with Government, regulatory peers and industry to identify risks, share information and adjust regulatory priorities, taking into account emerging issues: https://www.apra.gov.au/a-joint-letter-from-apra-and-asic-on-impact-of-covid-19  This page contains answers to frequently asked questions about current superannuation regulatory issues that have arisen from the COVID-19 pandemic: https://asic.gov.au/regulatory-resources/superannuation-funds/covid-19-information-for-superannuation-trustees/       General information page for businesses that are struggling to meet their obligations to ASIC as a result of COVID-19 and how they can seek relief: https://asic.gov.au/for-business/payments-fees-and-invoices/covid-19-relief/      ASIC’s information hub which provides the support and services available to help consumers during COVID-19. It also provides some general advice and financial calculators to assist consumers in managing their finances: https://moneysmart.gov.au/covid-19
Brazil	https://www.bcb.gov.br/en/about/covid-19-measures http://www.susep.gov.br/setores-susep/noticias/noticias/susep-reune-dicas-para-o-consumidor-de-seguros-se-organizar-durante-a-pandemia   www.cvm.gov.br
Canada	The Government of Canada’s response to COVID-19: https://www.canada.ca/en/public-health/services/diseases/2019-novel-coronavirus-infection/canadas-reponse/government-canada-takes-action-covid-19.html The Financial Consumer Agency of Canada’s response https://www.canada.ca/en/financial-consumer-agency/services/industry/covid-19-how-fcac-responding.html FCAC: https://www.canada.ca/en/financial-consumer-agency/services/covid-19-managing-financial-health.html Autorité des marchés financiers (AMF), Québec: https://lautorite.qc.ca/professionnels/covid-19/
Canada, Ontario	Ontario Securities Commission, Canada at https://www.getsmarteraboutmoney.ca/
France	Supervisory authorities (banking and financial markets) have issued a joint statement to warn the general public against scams (dubious high yield investment proposals and personal data misuse such as phishing): https://www.amhttps://www.amf-france.org/fr/actualites-publications/communiques/communiques-de-lamf/lamf-et-lacpr-mettent-en-garde-le-public-contre-les-risques-darnaques-dans-le-contexte-de-lepidemief-france.org/fr/actualites-publications/communiques/communiques-de-lamf/lamf-et-lacpr-mettent-en-garde-le-public-contre-les-risques-darnaques-dans-le-contexte-de-lepidemie The Directorate general for competition policy, consumer affairs and fraud control has issued a similar warning, as part of a general communication on all types of scams in the Covid 19 context (https://www.economie.gouv.fr/dgccrf/arnaques-liees-au-coronavirus) Banque de France has created (in close coordination with Céline here that you also know J) on its “Mes questions d’argent” website a page dedicated to consumers in the Covid 19 context, which gathers all type of relevant information on various topics (overindebtedness, scams, tax,  travel cancellation, etc.) https://www.mesquestionsdargent.fr/budget/coronavirus-covid-19-liens-utiles https://covid19-economie.banque-france.fr/ https://www.economie.gouv.fr/dgccrf/arnaques-liees-au-coronavirus
Germany	https://www.bafin.de/EN/Homepage/homepage_node.html
Indonesia	Bank Indonesia:  https://www.bi.go.id/en/ruang-media/info-terbaru/Pages/Perkembangan-Terkini-Perekonomian-dan-Langkah-BI-dalam-Hadapi-COVID-19-22-April-2020.aspx
Ireland	https://www.pensionsauthority.ie/en/news_press/news_press_archive/covid-19_update_from_the_pensions_authority.html The Department of Finance hub on the Government of Ireland website overview of the supports that have been put in place: https://www.gov.ie/en/news/c3e1eb-minister-donohoe-announces-update-to-the-temporary-wage-subsidy-sche/ https://www.gov.ie/en/news/878d4d-wednesdminister-donohoe-outlines-further-measures-to-support-individ/ The Government of Ireland COVID-19 hub : https://www.gov.ie/en/campaigns/c36c85-covid-19-coronavirus/ The Competition and Consumer Protection Commission (CCPC) is an independent statutory body with a dual mandate to enforce competition and consumer protection law in Ireland. They have a COVID-19 hub with information for businesses and consumers in relation to COVID-19: https://www.ccpc.ie/consumers/covid-19/ https://centralbank.ie/consumer-hub/covid-19/consumers https://www.gov.ie/en/press-release/878d4d-wednesdminister-donohoe-outlines-further-measures-to-support-individ/
Italy	CONSOB, Italy at http://www.consob.it/web/consob-and-its-activities/covid-19-en/ Bank of Italy: https://www.bancaditalia.it/focus/covid-19/index.html?com.dotmarketing.htmlpage.language=1
Japan	FSA: https://www.fsa.go.jp/en/ordinary/coronavirus202001/press.html
Korea	Tackling Covid-19 http://www.fsc.go.kr/eng/index.jsp http://www.fss.or.kr/fss/kr/promo/bodobbs_view.jsp?seqno=23002&no=15287&s_title=&s_kind=&page=5
Netherlands	https://publicaties.afm.nl/signalenmonitor-voorjaar-2020/corona-oplichting/
People's Republic of China	http://www.pbc.gov.cn/en/3688110/3688172/4001601/index.html http://www.cbirc.gov.cn/cn/view/pages/ItemDetail.html?docId=888977&itemId=915&generaltype=0
Peru	https://www.sbs.gob.pe/covid-19 Communication from Peru SBS
Portugal	https://www.bportugal.pt/sites/default/files/decree_law_no_10_h_2020_en.pdf  (Decree Law no. 10-H/2020, of March 26); https://www.bportugal.pt/sites/default/files/decree_law_no_10_j_2020_en.pdf (Decree-Law no. 10-J / 2020, of March 26) https://www.bportugal.pt/en/comunicado/press-release-banco-de-portugal-covid-19-response-measures (Press release of Banco de Portugal on the COVID-19 response measures, 16 March 2020) https://www.bportugal.pt/en/comunicado/press-release-banco-de-portugal-macroprudential-recommendation-new-credit-agreements (Press Release of Banco de Portugal on the macroprudential Recommendation on new credit agreements for consumers in the context of the COVID-19 pandemic); https://www.bportugal.pt/en/comunicado/contactless-payments-eu50-will-be-reality (Contactless payments of up to €50 will be a reality). https://clientebancario.bportugal.pt/en https://www.cmvm.pt/en/Comunicados/Comunicados/Pages/20200317mc1.aspx https://www.asf.com.pt/NR/exeres/D17D147A-3E63-4718-9D80-167FA8752810.htm
Russian Federation	Measures to support industry, financial consumers and SME during Covid-19 pandemic
Saudi Arabia	http://www.sama.gov.sa/en-US/News/Pages/allnews.aspx
Spain	Consolidated text of the Royal Decree-Law 11/2020, of 31 March, which adopts urgent supplementary measures in the social and economic sphere to address COVID-19: https://www.boe.es/buscar/act.php?id=BOE-A-2020-4208 Ministry of Economic Affairs and Digital Transformation: https://www.mineco.gob.es/portal/site/mineco/menuitem.aa5c961c0709f0fe3e85b782026041a0/?vgnextoid=7c9f2f207c415310VgnVCM1000001d04140aRCRD&lang_choosen=en Individuals:  https://www.mineco.gob.es/portal/site/mineco/menuitem.b6c80362d9873d0a91b0240e026041a0/?vgnextoid=979cd8a1caf21710VgnVCM1000001d04140aRCRD Employed: https://www.mineco.gob.es/portal/site/mineco/menuitem.b6c80362d9873d0a91b0240e026041a0/?vgnextoid=e4bd69e8c9b11710VgnVCM1000001d04140aRCRD Businesses: https://www.mineco.gob.es/portal/site/mineco/menuitem.b6c80362d9873d0a91b0240e026041a0/?vgnextoid=f38c69e8c9b11710VgnVCM1000001d04140aRCRD Mortgages: https://www.mineco.gob.es/portal/site/mineco/menuitem.b6c80362d9873d0a91b0240e026041a0/?vgnextoid=f38c69e8c9b11710VgnVCM1000001d04140aRCRD  https://www.mineco.gob.es/stfls/mineco/ministerio/ficheros/20200408_QA_Moratoria_Hipotecaria.pdf  Insurance and Pension Funds Supervisor  recommendations:  https://www.mineco.gob.es/stfls/mineco/prensa/noticias/2020/20200407_NP_Segurosvf.pdf  Bank of Spain Actions related to COVID 19: https://www.bde.es/bde/en/Home/Noticias/covid-19/  Banking customer website within the Banco de España site. Information on the moratorium for mortgages and for (non guaranteed) consumer credit: https://clientebancario.bde.es/pcb/en/blog/covid-19-prestamos--moratoria-en-el-pago-de-las-cuotas-.html  Information on lines of guaranteed credits for indivuals and SMEs: https://clientebancario.bde.es/pcb/es/blog/segundo-tramo-de-la-linea-de-avales-del-ico.html  CNMV  measures  in response to COVID-19: https://www.cnmv.es/portal/gpage.aspx?id=COVID19&lang=en  https://www.cnmv.es/portal/gpage.aspx?id=COVID19&lang=en CNMV: https://www.cnmv.es/portal/gpage.aspx?id=COVID19&lang=en General Directorate of Insurance and Pension Funds (DGSFP): http://www.dgsfp.mineco.es/ Bank of Spain: https://clientebancario.bde.es/pcb/en/blog/covid-19-prestamos--moratoria-en-el-pago-de-las-cuotas-.html Ministry of Economy and Digitalization: https://www.mineco.gob.es/portal/site/mineco/menuitem.aa5c961c0709f0fe3e85b782026041a0/?vgnextoid=7c9f2f207c415310VgnVCM1000001d04140aRCRD&lang_choosen=en)
South Africa	https://www.fscamymoney.co.za/Pages/FSCA-on-the-impact-of-COVID-19.aspx
United Kingdom	https://www.fca.org.uk/consumers/coronavirus-covid-19 https://www.gov.uk/coronavirus FCA : https://www.fca.org.uk/coronavirus-support FCA coronavirus web pages with information for consumers and firms:  https://www.fca.org.uk/coronavirus
Ukraine	https://bank.gov.ua/en/about/covid19
CGAP	https://www.cgap.org/topics/collections/coronavirus-inclusive-finance

Non-Member jurisdictions

Argentina	http://www.bcra.gov.ar/noticias/coronavirus-BCRA.asp
Armenia	Central Bank: https://abcfinance.am/news/news_covid19.html
Austria	FMA : https://www.fma.gv.at/en/covid-19/
Belgium	https://www.fsma.be/nl/covid-19-informatie-voor-consumenten https://www.fsma.be/en/covid-19-information-financial-consumers
Chile	Superintendence of Pensions from Chile: http://www.spensiones.cl/portal/institucional/594/w3-article-13905.html http://www.cmfchile.cl/portal/principal/605/w3-channel.html
Colombia	https://www.superfinanciera.gov.co/publicacion/10103685
Costa Rica	https://www.supen.fi.cr/web/supen/inicio SUPEN: https://www.supen.fi.cr/web/supen/inicio SUGESE: https://www.facebook.com/sugese/ SUGEVAL: www.sugeval.fi.cr
Croatia	https://www.hnb.hr/-/odgovor-hnb-a-na-covid-19-krizu https://www.hanfa.hr/vijesti/obavijest-korisnicima-usluga-osiguranja-u-vezi-s-pojavom-koronavirusa-covid-19/
Czech Republic	Czech National Bank, Czech Republic: https://www.cnb.cz/cs/o_cnb/koronavirus/ https://www.mfcr.cz/cs/o-ministerstvu/sluzby-verejnosti/komunikace-s-verejnosti/casto-kladene-otazky/uverove-moratorium-38130
Ethiopia	https://addisfortune.news/news-alert/abay-bank-waives-fees-on-loan-rescheduling-early-settlement-charges
Hong Kong, China	A dedicated webpage on the HKMA website to help the public understand more about the supportive measures in response to the COVID-19 outbrea: https://www.hkma.gov.hk/eng/key-functions/banking/banking-regulatory-and-supervisory-regime/riding-out-the-covid-19-challenge/ Website of the Hong Kong Association of Banks which provide regular updates on the service status of bank branches “Temporary Adjustment or Suspension of Bank Branch Service Notice” – http://www.hkab.org.hk/DisplayWhatsNewsAction.do https://www.sfc.hk/edistributionWeb/gateway/EN/circular/intermediaries/supervision/doc?refNo=20EC26
Hungary	https://www.mnb.hu/koronavirus#lakossagi
India	Advise to use non-cash digital payment options: https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=49521 Entities to remain prepared with operational and business continuity plans: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11820&Mode=0 Important measures: https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=49619 https://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=3853 https://www.irdai.gov.in/ADMINCMS/cms/whatsNew_Layout.aspx?page=PageNo4075&flag=1 https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11820&Mode=0
IOPS	IOPS statement on pension supervisory actions Covid-19 crisis
Israel	https://mof.gov.il/hon/PressReleases/Pages/Press_18032020_b.aspx Israel Security Authority: http://www.isa.gov.il/sites/ISAEng/1489/COVID19VirusUpdates/Pages/default.aspx Bank of Israel: https://www.boi.org.il/en/Pages/CoronaUpdates.aspx
Jamaica	http://www.fscjamaica.org/fsc-news/news-articles/news-457.html
Latvia	http://www.ptac.gov.lv/lv/buj-covid-19
Lithuania	https://www.lb.lt/lt/covid-19-informacija-gyventojams#ex-1-2 https://www.lb.lt/lt/covid-19-informacija-gyventojams#ex-1-1
Mexico	https://www.gob.mx/consar/articulos/medidas-temporales-y-extraordinarias-para-garantizar-la-ejecucion-de-actividades-esenciales-en-materia-financiera-de-operaciones-y-atencion-a-trabajadores-239109?idiom=es
Moldava	https://www.bnm.md/ro/content/masurile-bnm-contextul-situatiei-de-urgenta-generate-de-covid-19#art7
Montenegro	https://www.cbcg.me/en/public-relations/news/press-releases/information-to-public?id=1714
Namibia	NAMFISA Covid-19 press release Bank of Namibia Policy and Regulatory changes in response to the impact of COVID-19 on the banking industry
New Zealand	New Zealand Government: Summary of financial support available: https://covid19.govt.nz/individuals-and-households/financial-support/ Financial Markets Authority: landing page for Covid-19 actions: https://www.fma.govt.nz/news-and-resources/covid-19/ Financial Markets Authority: Sample of consumer messaging re: Covid-19 and market volatility: https://www.fma.govt.nz/news-and-resources/fma-stories/comment-by-gillian-boyes-in-nz-herald-on-market-volatility-and-kiwisaver/ Reserve Bank of New Zealand (Prudential regulator): landing page for Covid-19 actions: https://www.rbnz.govt.nz/covid-19 Commission for Financial Capability (Government agency for financial capability): Sample consumer cmessaging: https://sorted.org.nz/must-reads/covid-19-and-your-money-7-things-to-do-right-now/ Commerce Commission: Guidance for borrowers and lenders: https://comcom.govt.nz/about-us/covid-19/borrower-and-lender-faqs New Zealand Treasury: Covid-19 economic response: https://treasury.govt.nz/information-and-services/nz-economy/covid-19-economic-response Inland Revenue (tax authority): Landing page for Covid-19 actions: https://www.ird.govt.nz/covid-19
North Macedonia	http://mapas.mk/?p=5912
Papua New Guinea	Bank of Papua New Guinea: https://www.bankpng.gov.pg/wp-content/uploads/2020/03/20200327-Policy-Response-on-Impact-of-Corona-Virus3-full-page.pdf
Poland	https://www.uokik.gov.pl/faq_koronawirus_uslugi_finansowe.php
Singapore	https://mas.gov.sg/regulation/covid-19/supporting-individuals-and-businesses
Slovak Republic	National bank of Slovakia, Slovak Republic: https://www.nbs.sk/sk/informacie-pre-media/tlacove-spravy/spravy-vseobecne/detail-tlacovej-spravy/_informacia-nbs-k-zakonu-o-niektorych-mimoriadnych-opatreniach-vo-financnej-oblasti
Slovenia	https://www.a-zn.si/sporocilo-za-javnost-agencije-za-zavarovalni-nadzor-glede-razmer-v-zavarovalniskem-sektorju-v-casu-epidemije-covid-19/
Turkey	Banking Regulation and Supervision Agency (BRSA) from Turkey: https://ebulten.bddk.org.tr/esikayet/
United States	Federal Reserve: https://www.federalreserveconsumerhelp.gov/about/covid-19-resources?sc_lang=en U.S. Consumer Financial Protection Bureau (CFPB): https://www.consumerfinance.gov/coronavirus/
Zimbabwe	https://ipec.co.zw/wp-content/uploads/2020/04/PRESS-STATEMENT-ON-COVID-19-RESPONSE.pdf
European Union - EIOPA	https://www.eiopa.europa.eu/content/eiopa-clarifies-supervisory-expectations-product-oversight-and-governance-requirements_en https://www.eiopa.europa.eu/browse/covid-19-measures_en