FinCoNet highlights the need for strong co-operation among supervisory authorities on financial consumer protection issues at the Consumer Protection International Seminar hosted by The People's Bank of China The ongoing need for greater collaboration, sharing and interaction among supervisory authorities in order to protect the interests of consumers of financial services was highlighted by the Chair of Finconet.
Speaking at the Financial Consumer Protection International Seminar, hosted by the People's Bank of China, which followed the FinCoNet Annual General Meeting, Mr Sheridan stressed the need for supervisory authorities to work together and support each other to help develop strong consumer protection frameworks, particularly in the areas banking and consumer credit which play such an important part in the lives of so many consumers.
FinCoNet has been created in response to the growing focus on financial consumer protection worldwide and the need for greater collaboration, interaction and sharing among supervisory authorities in order to protect the interests of consumers of financial services. At its Annual General Meeting, a range of current consumer protection issues were discussed including responsible lending, mobile payments, sales incentives and how supervisory authorities can innovate and learn from each other to deal with emerging risks.
FinCoNet has committed to engaging in further work in a number of areas including mobile payments and technology, responsible lending and the development of a supervisory tool that members can use to compare and contrast effective supervisory approaches.
Notes for editors
- FinCoNet was formally established in 2013 as a new international organisation of financial consumer protection supervisory authorities. The goal of FinCoNet is to promote sound market conduct and enhance financial consumer protection through efficient and effective financial market conduct supervision, with a focus on banking and credit.
- Members of FinCoNet are public entities that have a financial market conduct and financial consumer protection supervision mandate.
- The OECD acts as the Secretariat of FinCoNet providing administrative, logistical and technical support.
- For more information about the work of FinCoNet or becoming a Member, please visit www.finconet.org for more information or contact the Secretariat [katerina.kodlova@oecd.org].
