Consumer education and protection

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Recommendations for Liquidity Risk Management for Collective Investment Schemes

IOSCO final guidelines to improve liquidity risk management of open-ended collective investment schemes

International Organization of Securities Commissions guidelines set out recommendations to ensure that liquidity is managed to safeguard and protect the interests of investors, including in stressed market conditions. Includes guidance to securities regulators to promote good liquidity management practices for open-ended collective investment schemes.

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

Type: Guideline

Peer: Principles for the Valuation of Collective Investment Schemes

Topics: Liquidity risk and rules, Stress-testing, Consumer education and protection, Corporate governance

Sectors: Securities

Application Paper on the Use of Digital Technology in Inclusive Insurance

IAIS draft guidance on regulations and supervisory practices regarding digital technology in inclusive insurance

International Association of Insurance Supervisors application paper discusses use of digital technology, FinTech and InsurTech in inclusive insurance. Paper: i) describes typical inclusive insurance market and typical inclusive insurance customer; ii) describes use and implications of digital technology with inclusive insurance markets; and iii) provides application guidance on the relevant internationally-agreed Insurance Core Principles regarding the use of digital technology in inclusive insurance.

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

Type: Consultative, discussion and issues paper

Parent: Insurance Core Principles

Peer: Issues Paper on Conduct of Business in Inclusive Insurance

Topics: Financial inclusion, Consumer education and protection, FinTech

Sectors: Insurance, Microinsurance

Deadline for comments: Mar 2018

Innovative Solutions by Financial Institutions in the Customer Due Diligence Process

EBA, EIOPA and ESMA opinion aims to develop common regulatory understanding of appropriate use of innovative solutions

European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Securities and Markets Authority opinion on use by banks and other financial institutions of new and innovative technologies when complying with customer due diligence (CDD) obligations. Highlights factors that supervisory authorities should consider when assessing the adequacy of firms' CDD measures where innovative solutions are used and assessing controls in place at firms that enable them to mitigate any risks associated with the use of new technologies.

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

Type: Guideline

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

Sectors: Banking, Insurance, Pensions, Securities

Inclusive Insurance: Closing the Protection Gap for Emerging Customers

IIF report examines issues and challenges around inclusive insurance

Institute of International Finance report examines how insurers are expanding into new markets and reaching underserved customers through new technologies, business models, product designs, a deeper understanding of customers, and partnerships. Discusses: i) market for inclusive insurance; ii) most important challenges in reaching this market; iii) innovative product lines and models in health and climate/weather-related insurance that show promise; and iv) the regulatory environment and how to ease the way for inclusive insurance.

Publisher: Industry Groups Release date: Jan 2018

Type: Consultative, discussion and issues paper

Topics: Consumer education and protection, Financial inclusion

Sectors: Insurance, Microinsurance

Women, Business and the Law 2018

WB discussion paper presents laws, regulations and policies that constrain women's economic choices

World Bank discussion paper demonstrates how government policies limit women's full economic participation through laws that restrict their ability to engage in entrepreneurial and employment activities. Key findings: i) in the past two years, there were 87 changes toward legal gender equality across 65 economies; ii) in 104 economies, women face gender-based job restrictions; 45 of economies covered have no laws specifically protecting women from domestic violence; iv) in 18 economies, husbands can legally prevent their wives from working; v) lower legal gender equality is associated with fewer girls attending secondary school relative to boys, fewer women working or running businesses and a wider gender wage gap; and vi) over the past two years, 65 economies carried out 87 reforms increasing women's economic opportunities.

Publisher: International Organizations Release date: Jan 2018

Type: Consultative, discussion and issues paper

Topics: Gender equality, Consumer education and protection, Financial inclusion

Sectors: Banking, Pensions, Microfinance

Code on Collective Investment Schemes

MAS amended CIS Code

Monetary Authority of Singapore amended code sets out best practices on management, operation and marketing of collective investment schemes that managers and approved trustees are expected to observe. Intended to enhance transparency and market discipline, improve operational effectiveness, and provide greater clarity to market practitioners.

Publisher: National Regulators Release date: Jan 2018 Country: Singapore

Type: Supervisory Practice

Topics: Corporate governance, Transparency and disclosure, Consumer education and protection

Sectors: Securities

Insurance Distribution Directive Implementation

FCA policy statement sets out near-final rules to implement the EU IDD

Financial Conduct Authority near-final rules to implement the European Union's Insurance Distribution Directive (IDD). Summarizes: i) changes to the FCA's requirements related to the distribution of insurance-based investment products and wider life insurance business; ii) changes to FCA rules to implement requirements in the IDD that applyto life and non-investment insurance business; iii) additional changes to the Handbook; and iv) feedback to quarterly consultations.

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

Type: Implementation

Parent: Insurance Distribution Directive

Topics: Consumer education and protection, Corporate governance, Transparency and disclosure

Sectors: Insurance

Financial Literacy

TC Note discusses how financial literacy relates to financial sector policy objectives

Toronto Centre note to guide supervisors toward making appropriate choices when considering possible regulations, supervisory actions, or other steps that might be taken in the context of their particular circumstances. Note discusses: i) various dimensions of financial literacy; ii) barriers that consumers might face in achieving financial literacy; iii) how financial literacy can affect the achievement of supervisory objectives; iv) steps supervisors might need to take to achieve their objectives if the level of financial literacy is low; and v) roles supervisors can play in strengthening financial literacy.

Publisher: Toronto Centre Release date: Jan 2018

Type: TC Notes

Topics: Consumer education and protection, Financial inclusion, Conduct

Sectors: Banking, Insurance, Microfinance, Microinsurance, Pensions, Securities

Good Practices for Financial Consumer Protection

WB guidance on good practices in the design and implementation of consumer protection regimes in all financial sectors

World Bank Good Practices comprehensive guidance for assessing and strengthening consumer protection regimes in all parts of the financial sector. Addresses legal and regulatory frameworks, disclosure and transparency, business conduct practices, data protection and privacy, and dispute resolution. Provides a compilation of practices used successfully in a range of countries.

Publisher: International Organizations Release date: Dec 2017

Type: Sound Practice

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

Sectors: Banking, Insurance, Pensions, Securities

FCA Approach to Competition

FCA consultation on its approach to promoting competition in the interests of consumers

UK Financial Conduct Authority consultation sets out its approach to promoting competition, one of core objectives. Describes the FCA's role in promoting competition and its decision-making framework for identifying potential harm, diagnosing and remedying features of a market that do not work well for consumers, and evaluating the success of those remedies to inform our future decisions. Seeks comments on FCA's approach.

Publisher: National Regulators Release date: Dec 2017 Country: United Kingdom

Type: Consultative, discussion and issues paper

Peer: FCA Mission: Approach to Authorization, FCA Mission: Approach to Consumers

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

Sectors: Banking, Insurance, Pensions, Securities

Deadline for comments: Mar 2018

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Resources

382 records

Recommendations for Liquidity Risk Management for Collective Investment Schemes

Application Paper on the Use of Digital Technology in Inclusive Insurance

Innovative Solutions by Financial Institutions in the Customer Due Diligence Process

Inclusive Insurance: Closing the Protection Gap for Emerging Customers

Women, Business and the Law 2018

Code on Collective Investment Schemes

Insurance Distribution Directive Implementation

Financial Literacy

Good Practices for Financial Consumer Protection

FCA Approach to Competition

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