‘Cooperation of supervisory authorities important in driving consumer agenda and addressing emerging risks’ - Director of Consumer Protection, Bernard Sheridan

• International focus on consumer protection increasing.
• Cooperation of supervisory authorities important in driving the consumer agenda and addressing emerging consumer risks.
• FinCoNet aims to promote the need for the protection of the interests of consumers of financial services focusing on priority areas of responsible lending and payments.

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Director of Consumer Protection and Chair of FinCoNet, Bernard Sheridan, today addressed a meeting of FinCoNet in Amsterdam. In his role as Chair of the organisation, which was established in 2013 to promote sound market conduct and strong consumer protection, he highlighted the increasing focus on consumer protection issues internationally and the need for ongoing cooperation between supervisors.

The speech highlighted that ‘it is important that FinCoNet continues to promote internationally the need for the protection of the interests of consumers of financial services. We have an opportunity and responsibility to learn from the past and to seek to embed consumer protection into every supervisory framework’, and he pointed to the important role played by the G20/OECD Taskforce on Consumer Protection in progressing the consumer agenda.

He spoke of the importance of bodies like FinCoNet, which bring international supervisory authorities together to share best practice and experience to help protect the best interests of customers of financial services firms and deal with emerging consumer risks. FinCoNet has identified responsible lending, online and mobile payments and effective supervisory tools as priority area of interest and has produced reports on Responsible Lending (2014) and Sales Incentives and Responsible Lending (2016).

Notes

The International Financial Consumer Protection Organisation (FinCoNet) is an international organisation of supervisory authorities which have responsibility for financial consumer protection. FinCoNet promotes sound market conduct and strong consumer protection through efficient and effective financial market conduct supervision. Further information is available at http://www.finconet.org/