In the December 2020 edition of the FinCoNet newsletter, Chair Maria Lúcia Leitão reflects on the organization's resilience and adaptability during a challenging year marked by the COVID-19 pandemic. She highlights the successful virtual Annual General Meeting (AGM) held on November 11-12, 2020, which saw participation from representatives of 44 jurisdictions, including new members Bank Indonesia and the Central Bank of the United Arab Emirates. The AGM underscored the critical role of market conduct supervision and international cooperation in bolstering financial consumer protection amidst global uncertainties.
The newsletter also details FinCoNet's strategic initiatives for 2021-2022, as approved during the AGM. Key workstreams include examining supervisory approaches to credit moratoria in response to COVID-19, addressing challenges arising from the surge in digital transactions and associated cybersecurity risks, and exploring the evolution of oversight practices for conduct supervisors, particularly through the adoption of SupTech tools. Additionally, the organization plans to investigate the selling practices of credit and banking products to enhance consumer protection frameworks. These initiatives reflect FinCoNet's proactive stance in adapting to emerging financial consumer protection challenges in a rapidly changing environment.