In the June 2020 edition of the FinCoNet newsletter, Chair Maria Lúcia Leitão addresses the ongoing challenges posed by the COVID-19 pandemic, emphasizing the organization's commitment to supporting its members through information sharing and collaborative efforts. FinCoNet, in partnership with the OECD Secretariat and the G20/OECD Task Force on Financial Consumer Protection, has been actively facilitating the exchange of insights and strategies among member jurisdictions to enhance financial consumer protection during this crisis. This includes issuing guidance notes, conducting surveys on implemented measures, and organizing special sessions to discuss collective responses.
The newsletter also highlights various initiatives undertaken by member organizations to mitigate the pandemic's impact on financial consumers. For instance, Banco de Portugal has implemented measures to support bank customers facing financial difficulties, while Germany has introduced moratoriums on consumer loan agreements to provide relief to borrowers. Additionally, the Australian Securities and Investments Commission (ASIC) has granted relief to banking institutions, allowing them to issue unsolicited debit cards to ensure consumers have access to essential banking services during the pandemic. These efforts reflect a global commitment to safeguarding financial consumers amidst unprecedented challenges.