In the June 2019 edition of the FinCoNet newsletter, the organization announces the appointment of Ms. Maria Lúcia Leitão as the interim Chair, following the resignation of Ms. Lucie Tedesco on May 31. The newsletter also highlights the OECD Council's adoption of the updated Recommendation on Consumer Protection in the field of Consumer Credit on July 2, 2019, which replaces the 1977 version. This updated recommendation addresses significant changes in the consumer credit market, emphasizing equitable treatment, responsible lending, and competitive markets. FinCoNet members were actively consulted during this review process.
The newsletter further details enhancements to FinCoNet's membership application process and criteria, aiming to provide the Governing Council with comprehensive information about applicants' financial consumer protection frameworks. Additionally, it features contributions from member organizations, such as BaFin's warnings about the risks associated with payment tokens like Bitcoin, the Financial Sector Conduct Authority's (FSCA) publication of the first Conduct Standard for Banks in South Africa, and efforts by Indonesian authorities to combat illegal fintech lending services. These initiatives reflect FinCoNet's commitment to promoting robust financial consumer protection and addressing emerging challenges in the global financial landscape.