The International Seminar on Performance-based Regulation & Financial Consumer Protection, held on March 17, 2021, was a collaborative event organized by the G20/OECD Task Force on Financial Consumer Protection and FinCoNet. The seminar commenced with opening remarks from Richard Monks, Chair of the G20/OECD Task Force on Financial Consumer Protection, and Flore-Anne Messy, Head of the Consumer Finance, Insurance and Pensions Division at the OECD. They emphasized the importance of performance-based regulation in aligning financial services with consumer expectations and enhancing consumer protection frameworks.
The keynote presentation was delivered by Professor Lauren E. Willis, Associate Dean for Research and Professor of Law at Loyola Marymount University, Los Angeles. Professor Willis discussed the concept of "Performance-based Consumer Law," advocating for regulatory approaches that ensure consumer transactions meet the actual expectations and needs of consumers. She highlighted the limitations of traditional disclosure-based regulations and proposed a shift towards performance standards that hold financial service providers accountable for the outcomes experienced by consumers. The session was moderated by Miles Larbey, Head of Financial Consumer Protection at the OECD, who facilitated a Q&A segment, allowing participants to delve deeper into the practical applications of performance-based regulation.
Following the keynote, a panel discussion explored current and proposed approaches to promoting positive outcomes for consumers through performance-based regulation. The panel featured insights from various jurisdictions, including experiences from the United Kingdom, Japan, and the European Commission. Discussions centered on the challenges and benefits of implementing performance-based regulatory frameworks, the role of supervisory authorities in monitoring compliance, and strategies for fostering a culture of consumer-centricity within financial institutions. The seminar concluded with closing remarks that underscored the necessity of international cooperation and knowledge sharing to advance effective financial consumer protection globally.
