2022 Annual General Meeting

• Appointment of new FinCoNet Chair and Vice-Chair
• Reappointment of five Members to the Governing Council
• Adoption of Programme of Work for 2023/24, featuring workstreams on the following topics:    
  • Supervising and assessing suitability of short-term credit products (e.g., Buy Now Pay Later)
  • Challenges of supervising new entrants/non-financial institutions
  • Revisiting the foundations of market conduct supervision and taking stock of the latest thinking on effective models/approaches
  • Market conduct supervision in challenging times
• Approval of forthcoming publication on Supervisory approaches regarding the prevention and management of arrears: special focus on exit strategies from payment holidays
• Workshop on supervising new forms of credit and “credit-like” products
• International Seminar on the theme of Market Conduct Supervision: reviewing the fundamentals and facing the challenges ahead.

On 21-22 November 2022, the International Financial Consumer Protection Organisation (FinCoNet) held its Annual General Meeting (AGM), hosted by the Banco de Portugal in Lisbon, Portugal. Representatives from nearly 50 jurisdictions around the world, as well as international organisations, participated in the AGM in-person or virtually.  The meeting was held back-to-back with an International Seminar co-sponsored by FinCoNet and the Banco de Portugal on Market Conduct Supervision: reviewing the fundamentals and facing the challenges ahead, on 23 November 2022.

The AGM marked FinCoNet’s final meeting chaired by Ms Maria Lúcia Leitão, of the Banco de Portugal, who was appointed Chair of FinCoNet in 2019, after previously serving as Vice-Chair and Acting Chair of organisation. Stepping down from her role, Ms Leitão said:

“It has been a tremendous honour to have been part of FinCoNet, as a founding member, from the beginning, and even before that, when it was just an informal network of supervisory authorities back in 2007. It was a great pleasure to serve as FinCoNet’s Chair, a role which I took on with a great sense of responsibility and commitment. Looking back over the last three years, FinCoNet has built an impressive body of work in the field of market conduct supervision, and has welcomed several new authorities into its membership, which now includes representatives from all continents. FinCoNet has also reinforced cooperation with its Observers. Strengthening financial consumer protection and market conduct supervision has been one of my life’s missions in the last 15 years. I am sure that FinCoNet will continue to strengthen its leading position as a network of market conduct supervisory authorities.”

At the AGM, FinCoNet Members appointed as its new Chair Mr Chris Green, Group Senior Manager of Credit at the Australian Securities and Investments Commission. Previously, Mr Green served as Vice-Chair of FinCoNet.

Assuming the role of Chair, Mr Green said:

“FinCoNet is an important international organisation dedicated to strengthening consumer protection in banking and credit through effective financial market conduct supervision. ASIC is very keen to play a leadership role in FinCoNet, and personally it is a great opportunity and responsibility to become Chair. I am very conscious of the example set by Ms. Leitão, who has been an outstanding Chair and is one of the original  FinCoNet delegates. I am very much looking  forward to working with all the FinCoNet membership in this new role.”

FinCoNet also appointed as its Vice-Chair Ms Juliana Sandri, Head of the Department of Conduct Supervision at the Banco Central do Brasil. Ms Sandri said:

“I am deeply honoured to take on the role of FinCoNet Vice-Chair. I know it is great responsibility. I hope that in my new role I can contribute to the advancements of the field and support engaging more countries and institutions in the important work of FinCoNet. I would like to thank the Secretariat and Maria Lúcia for her enthusiasm, inspiration and believing in my potential. And congratulations to Chris on your confirmation as Chair - it is most deserved. You can count on me.”

At the 2022 AGM, FinCoNet Members shared experiences and advanced work on issues of high importance to market conduct supervisors worldwide. During a stimulating roundtable discussion, Members exchanged views about the challenges they currently face and the solutions they are developing. Notably, Members shared experiences from their jurisdictions relating to the increase in digitalisation, scams and frauds, new oversight tools and supervising credit products.

FinCoNet also announced the reappointment of the following Members to the Governing Council: Banco de Portugal, Bank of Spain, Banco Central do Brasil, Bank of Italy and Financial Services Agency of Japan.

Members approved the Programme of Work for 2023/24, which will comprise the following workstreams carried out by four Standing Committees:

• Supervising and assessing suitability of short-term credit products (e.g., Buy Now Pay Later)
• Challenges of supervising new entrants/non-financial institutions
• Revisiting the foundations of market conduct supervision and taking stock of the latest thinking on effective models/approaches
• Market conduct supervision in challenging times

FinCoNet Members approved the publication of a forthcoming report on Supervisory approaches regarding the prevention and management of arrears: Special focus on exit strategies from payment holidays, prepared by Standing Committee 2. The report sets out information on policy development and the use of supervisory tools and approaches in the prevention and management of arrears, debt advice services and the exit strategies from credit moratoria, with reference to the response to the COVID-19 pandemic.  

The AGM featured an interactive workshop on the risks to consumers, the challenges facing supervisors and the supervisory tools used to monitor and respond to new forms of credit or credit-like products such as Buy Now, Pay Later.

Also during the AGM, FinCoNet welcomed three new Members who joined FinCoNet during 2022: the Hong Kong Monetary Authority, the Central Bank of Egypt, and Bangko Sentral ng Pilipinas. 

Mr Pedro Dias, Chair of FinCoNet Standing Committee 2, presented the SC2 Report on Supervisory Approaches regarding the Prevention and Management of Arrears, with a special focus on exit strategies from payment holidays. The report sets out information on policy development and the use of supervisory tools and approaches in the prevention and management of arrears, debt advice services and the exit strategies from credit moratoria, with reference to the response to the COVID-19 pandemic. The report examines consumer focused risks and outcomes and includes examples and case studies to illustrate the various approaches adopted in different jurisdictions. Finally, the report puts forth a range of key findings to assist supervisors in their market conduct supervisory practices.

The AGM was followed by an International Seminar on the theme of Market Conduct Supervision: reviewing the fundamentals and facing the challenges ahead on 23 November 2022.  The Seminar brought together FinCoNet Members, guests and other external stakeholders, including representatives from consumer associations and industry, to hear from experts in the field and join an engaging discussion on the topic. 

Mr Miles Larbey, Head of the Financial Consumer Protection at the OECD Secretariat, moderated a panel on Reviewing the fundamental elements of effective and efficient market conduct supervision, including the infrastructure and capabilities required by supervisors, and range of tools that can be deployed. The panel featured interventions from: Sergio Mesquita, Senior Financial Sector Specialist, Financial Inclusion, Infrastructure and Access and Aute Kasdorp, Senior Supervision Consultant, The World Bank; Colm Kincaid, Director of Consumer Protection, Central Bank of Ireland; Anatol Monid, Senior Director, Programs, The Toronto Centre; and Charina De Vera-Yap, Director, Consumer Protection and Market Conduct Office, Bangko Sentral ng Pilipinas.

Ms Flore-Anne Messy, Head of the Consumer Finance, Insurance and Pensions Division at the OECD Secretariat, moderated a panel discussion on Looking ahead: New practices and emerging solutions in response to the challenges facing market conduct supervisors now and in the future. The panel featured interventions from: Vincenza Marzovillo, Co-Chair of the European Banking Authority’s Standing Committee on Consumer Protection and Financial Innovation; Juan Carlos Izaguirre, Senior Financial Sector Specialist, Consultative Group to Assist the Poor (CGAP); Sheila Senfuma Nakanyike, Head of Programme, Digital Finance, Consumers International; and Patrícia Guerra, Head of Unit in the Regulation, Legal Affairs and Complaints Division, Banking Conduct Supervision Department, Banco de Portugal.

The FinCoNet AGM 2023 will be held November 2023, followed by an international seminar. 

1. 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.
2. Members of FinCoNet are public entities that have a financial market conduct and financial consumer protection supervision mandate.
3. The OECD acts as the Secretariat of FinCoNet providing administrative, logistical and technical support.
4. 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].