Consumer education and protection

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HKMA Mystery Shopping Program

HKMA mystery shopping program on banks' selling practices in respect of investment products and insurance products

Hong Kong Monetary Authority mystery shopping program to ascertain the practices of banks in customer risk profiling, financial needs analysis (as applicable to life insurance products), suitability of recommendations, and product and risk disclosure. A good example of an effective supervisory technique for promoting consumer protection and improved corporate governance.

Publisher: National Regulators Release date: Aug 2018 Country: Hong Kong, China

Type: Supervisory Practice

Topics: Consumer education and protection, Conduct, Financial inclusion, Transparency and disclosure

Sectors: Banking

Understanding Cyber Insurance - A Structured Dialogue with Insurance Companies

EIOPA report concludes that a deeper understanding of cyber risk is the core challenge for the European cyber insurance industry

European Insurance and Occupational Pensions Authority report provides insights on the functioning, growth potential, challenges and risks of cyber insurance in Europe in the context of the expected growing importance of cyber insurance in the portfolios of (re)insurers. Addresses important key findings, especially the clear need for improved understanding of cyber risk. This report is the first attempt by EIOPA to enhance the level of understanding of cyber risk underwriting with a focus on the European insurance market.

Publisher: Regional Standard-Setting Bodies Release date: Aug 2018

Type: Consultative, discussion and issues paper

Topics: Cyber risk, Consumer education and protection, Operational risk

Sectors: Insurance

FCA Mission: Approach to Consumers

FCA report on its approach to regulating for benefit of consumers

Financial Conduct Authority report sets out its approach to regulating for consumers and its desire for markets where: i) high-quality, good value products and services that meet consumers' needs are available; ii) consumers can buy the products and services they need and the way in which they are sold is clear, fair and not misleading; and iii) the needs of vulnerable consumers are taken into account.

Publisher: National Regulators Release date: Jul 2018 Country: United Kingdom

Type: Consultative, discussion and issues paper

Peer: FCA Approach to Authorization, FCA Approach to Competition

Topics: Consumer education and protection, Transparency and disclosure, Financial inclusion

Sectors: Banking, Insurance, Pensions, Securities

Big Data Meets Artificial Intelligence

BaFin consultation sets out challenges and implications for the supervision and regulation of financial services

Federal Financial Supervisory Authority of Germany (BaFin) consultation: i) addresses technological developments of big data analytics and artificial intelligence; ii) elaborates scenarios outlining the potential impact these technologies might have on the financial market and market players; and iii) highlights potential implications for financial supervisory authorities. Consultation aims to initiate discussion on the impact of digitalization on established market and supervisory structures.

Publisher: National Regulators Release date: Jul 2018 Country: Germany

Type: Consultative, discussion and issues paper

Topics: Financial inclusion, Financial market infrastructure, Consumer education and protection, Operational risk, FinTech

Sectors: Banking, Insurance, Pensions, Securities

Deadline for comments: Sep 2018

Browsing to Borrow: "Mom & Pop" Small Business Perspectives on Online Lenders

FRB report examines small business owners' perceptions of online lenders

US Federal Reserve Board and Federal Reserve Board of Cleveland report gauges small business owners' perceptions of online lenders and their understanding and interpretation of information online lenders use to describe their credit products. Key findings include: i) participants are already familiar with online lending; ii) participants prefer websites with detailed product information; and iii) participants found sample online products confusing.

Publisher: National Regulators Release date: Jun 2018 Country: United States

Type: Consultative, discussion and issues paper

Topics: Consumer education and protection, Financial inclusion, Transparency and disclosure

Sectors: Banking

Issues Paper on Index Based Insurance, Particularly in Inclusive Insurance Markets

IAIS issues paper focuses on insurance supervisors who seek to enhance financial inclusion in developing markets

International Association of Insurance Supervisors issues paper discusses: i) why various promoters have sought to develop index based insurance; ii) relevant stakeholders and how they may be different to other insurance-related subject areas; iii) issues summarized under the heading of "legal certainty" and a range of particular consumer issues and how they tend to have been considered and resolved; and iv) index based insurance projects and how supervisors might approach them that reflects both a proportionate approach and provides for innovations.

Publisher: Global Standard-Setting Bodies Release date: Jun 2018

Type: Consultative, discussion and issues paper

Parent: Issues Paper on Index-Based Insurances

Topics: Financial inclusion, Consumer education and protection

Sectors: Insurance

Basic Regulatory Enablers for Digital Financial Services

CGAP focus note provides guidance for policy makers to create an enabling environment for digital financial services

Consultative Group to Assist the Poor focus note examines four building blocks in regulation (e.g. regulatory enablers) and how they have been implemented in practice. Note focuses on digital financial services (DFS) models that specifically target excluded and underserved market segments. Four basic enablers are: i) non-bank e-money issuance; ii) use of agents; iii) risk-based customer due diligence; and iv) consumer protection.

Publisher: International Organizations Release date: May 2018

Type: Consultative, discussion and issues paper

Topics: FinTech, Financial inclusion, Consumer education and protection, Money laundering and terrorist financing

Sectors: Banking, Microfinance

Digitally Delivered Credit

AFI policy guidance note and results from survey of regulators

Alliance for Financial Inclusion guidance note focuses on potential customer risks from different models of digitally-delivered credit. Discusses how policy makers and regulators in emerging markets and developing economies could develop approaches for identifying, monitoring and mitigating the most important customer risks.

Publisher: Others Release date: Apr 2018

Type: Consultative, discussion and issues paper

Topics: Financial inclusion, Consumer education and protection, Credit risk, Conduct, Transparency and disclosure

Sectors: Banking, Microfinance

Joint Committee Final Report on Big Data

EBA, EIOPA and ESMA report analyzes impact of big data on consumers and financial firms

European Banking Authority, European Insurance and Occupational Pensions Authority, and European Securities and Markets Authority report concludes that benefits of big data outweigh potential risks to financial services consumers. Benefits for the financial industry and consumers include: i) more tailored products and services; ii) improved fraud analytics; and iii) enhanced efficiency of organizational internal procedures. Risks include: i) potential for errors; and ii) increasing level of segmentation enabled by big data may potentially influence access and availability of certain financial services or products.

Publisher: Regional Standard-Setting Bodies Release date: Mar 2018

Type: Consultative, discussion and issues paper

Topics: Financial inclusion, Financial market infrastructure, Consumer education and protection, Operational risk

Sectors: Banking, Insurance, Pensions, Securities

Senior Investor Vulnerability

IOSCO report identifies current and future risks faced by senior investors

International Organization of Securities Commissions report examines the growing vulnerability of ageing investors to financial fraud and other risks and identifies sound practices for enhancing their protection. The biggest risks to senior investors are unsuitable investments, financial fraud and their diminished cognitive capability which affects their financial decision-making.

Publisher: Global Standard-Setting Bodies Release date: Mar 2018

Type: Consultative, discussion and issues paper

Topics: Consumer education and protection, Transparency and disclosure

Sectors: Securities

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Resources

382 records

HKMA Mystery Shopping Program

Understanding Cyber Insurance - A Structured Dialogue with Insurance Companies

FCA Mission: Approach to Consumers

Big Data Meets Artificial Intelligence

Browsing to Borrow: "Mom & Pop" Small Business Perspectives on Online Lenders

Issues Paper on Index Based Insurance, Particularly in Inclusive Insurance Markets

Basic Regulatory Enablers for Digital Financial Services

Digitally Delivered Credit

Joint Committee Final Report on Big Data

Senior Investor Vulnerability

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