The FinCoNet International Seminar on "Market Conduct Supervision in Challenging Times" was held on November 24, 2023, addressing the complexities faced by financial consumer protection authorities amid global economic uncertainties. The event commenced with welcome remarks from Ms. Pauline Charazac, Advisor on International and Institutional Relations to the Bank of Mauritius, followed by addresses from Ms. Juliana Mozachi Sandri, Chair of FinCoNet, and Mr. Harvesh Kumar Seegolam, Governor of the Bank of Mauritius. These opening statements underscored the critical role of robust market conduct supervision in safeguarding consumers during turbulent economic periods.
The seminar featured two panel sessions. The first session, moderated by Mr. Miles Larbey, Head of Financial Consumer Protection at the OECD, focused on global financial trends and their impacts on various stakeholders. Panellists included Ms. Deniz Egan, Head of Macroeconomic Analysis at the Bank for International Settlements; Dr. Harshana Kasseeah from the University of Mauritius; Mr. Brendan Pearce, CEO of FinMark Trust in South Africa; and Mr. Gerhard Coetzee, Lead of Enabling and Responsible Policy at CGAP. Discussions centered on the repercussions of economic challenges on consumers, financial service providers, governments, and oversight authorities, highlighting the need for adaptive strategies in market conduct supervision.
The second session, moderated by Mr. Colm Kincaid of the Central Bank of Ireland, delved into the specific implications of these economic challenges for conduct supervisors. Panellists comprised Mrs. Hemlata Sadhna Sewraj-Gopal, Second Deputy Governor of the Bank of Mauritius; Ms. Clare Bolingford from the Financial Markets Authority of New Zealand; Mr. Frank Lofranco of the Financial Consumer Agency of Canada; and Ms. Farzana Badat from the Financial Sector Conduct Authority of South Africa. The dialogue emphasized the necessity for regulatory bodies to enhance their supervisory frameworks, promote financial resilience, and ensure consumer protection mechanisms are robust and responsive to evolving market dynamics. The seminar concluded with closing remarks from Mr. Yuji Yamashita, Vice-Chair of FinCoNet, who reiterated the importance of international collaboration in strengthening market conduct supervision during challenging times.
