Conduct

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Supervisory Responses to Retail Misconduct

TC note suggests that relevant authorities re-think their priorities, institutional structures, regulatory requirements and supervisory interventions regarding retail misconduct

Toronto Centre Note: i) alerts supervisors to the structural and behavioural triggers of retail misconduct, considering the context of their own economies, industries and portfolios of supervised institutions; ii) explores the institutional causes that contribute to retail misconduct and the need to identify and response to these as early as possible; iii) considers the role of whistle-blowers and how they might be enlisted in preventing and addressing retail misconduct; iv) explains the responses to date and their limited usefulness; v) lists possible supervisory actions; and vi) discusses the likely emerging future scenario.

Publisher: Toronto Centre Release date: Jan 2020

Type: TC Notes

Peer: Conduct Supervision

Topics: Conduct, Consumer education and protection

FCA Mission: Approach to Authorization

FCA report sets out its approach to authorizations

UK Financial Conduct Authority report sets out its approach to authorizations. Sets out the conditions that firms and individuals must meet to be authorized, how the FCA evaluates whether firms and individuals meet the conditions, how authorizations promote competition, and how the effectiveness of authorization decisions are evaluated.

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

Type: Consultative, discussion and issues paper

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

Sectors: Banking, Insurance, Pensions, Securities

E-Payments User Protection Guidelines

MAS guidelines to protect consumers of e-payment services

Monetary Authority of Singapore guidelines standardize protection offered to individuals or micro-enterprises from losses arising from unauthorized or mistaken payment transactions from their protected accounts. Covers: i) liability caps to clarify the amounts that the account user and the financial institution are liable for in any unauthorized payment transaction; ii) notification duties of account users and financial institutions for all payment transactions; and iii) resolution processes for both unauthorized payment transactions and mistaken payment transactions.

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

Type: Guideline

Topics: Consumer education and protection, Conduct

Sectors: Banking

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

Strengthening Individual Accountability in Insurance

PRA supervisory statement sets out expectations of how firms should comply with its Senior Insurance Managers Regime

UK Prudential Regulation Authority supervisory statement sets out expectations of how firms should comply with the regulatory framework of the Senior Insurance Managers Regime (SIMR) including: i) compliance with the SIMR; ii) application of conduct standards and associated notifications; and iii) assessing fitness and propriety.

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

Type: Supervisory Practice

Topics: Conduct, Corporate governance

Sectors: Insurance

Extending the Senior Managers & Certification Regime to FCA Firms

FCA consultation to extend the Senior Managers & Certification Regime to most regulated firms

UK Financial Conduct Authority policy statement reports on main issues arising from consultations to strengthen individual accountability in regulated firms by extending the Senior Managers & Certification Regime (SM&CR) to almost all regulated firms in order to reduce harm to consumers and increase accountability. Also incorporates near-final rules.

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

Type: Consultative, discussion and issues paper

Parent: FCA's Senior Managers Regime

Topics: Supervisory framework, Corporate governance, Conduct

Sectors: Banking, Insurance, Pensions, Securities

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

Registration and Operation of Peer to Peer Lending Platforms

RBI directive for Non-Bank Financial Companies operating P2P lending platforms

Reserve Bank of India framework for the registration and operation of Non-Bank Financial Companies Peer to Peer Lending Platforms (NBFC-P2Ps), intermediates providing the services of loan facilitation via online medium or otherwise.

Publisher: National Regulators Release date: Feb 2018 Country: India

Type: Implementation

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

Sectors: Banking

Good Practices on Consumer Protection Related to Private Pension Systems

IOPS sound practice guidelines identify supervisory measures to enhance consumer protection

International Organisation of Pension Supervisors sound practice guidelines examine consumer protection in private pensions systems and the role of supervisory authorities. Identifies key areas and supervisory measures directed at enhancing consumer protection.

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

Type: Sound Practice

Parent: G20 High-Level Principles on Financial Consumer Protection, IOPS Principles of Private Pension Supervision

Peer: Effective Approaches to Support Implementation of G20/OECD Principles on Financial Consumer Protection - Part 2, Effective Approaches to Support Implementation of G20/IOSCO Principles on Financial Education and Awareness

Topics: Pension and retirement plans, Consumer education and protection, Conduct, Transparency and disclosure

Sectors: Pensions

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

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Resources

382 records

Supervisory Responses to Retail Misconduct

FCA Mission: Approach to Authorization

E-Payments User Protection Guidelines

HKMA Mystery Shopping Program

Strengthening Individual Accountability in Insurance

Extending the Senior Managers & Certification Regime to FCA Firms

Digitally Delivered Credit

Registration and Operation of Peer to Peer Lending Platforms

Good Practices on Consumer Protection Related to Private Pension Systems

Financial Literacy

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