The In Focus section of this Newsletter provides an overview of the FinCoNet Annual General Meeting, held in November 2021, which brought together representatives from nearly 50 jurisdictions around the world, as well as international organisations. It also presents the Netherlands AFM’s 2022 edition of its Trend Monitor.
This fourth 2021 issue of the FinCoNet Newsletter includes:
COVID-19 has catalysed better outcomes for Australian consumers in hardship
‒ ASIC has worked closely with the credit sector throughout the pandemic to address both industry challenges and consumer concerns stemming from COVID-19.
Appropriateness testing for non-qualified investors in Russia and informing individuals on the consequences of their recognition as qualified investors
‒ Appropriateness testing has become obligatory for non-qualified investors since 1 October 2021.
Bank refunds required in Ireland where full service was not provided
‒ In Ireland, all banks were required to implement Strong Customer Authentication (SCA) by the end of December 2020. This was in line with the timelines set out by the European Banking Authority (EBA) for the migration to SCA under the revised Payment Services Directive (PSD2) for e‑commerce card-based payment transactions.
FCA (United Kingdom) Guidance for firms on the fair treatment of vulnerable customers
‒ Vulnerability Guidance, published in February 2021, sets out what firms should do to ensure they treat consumers in vulnerable circumstances fairly and meet the standards set by the FCA’s Principles for Businesses. It intends to drive improvements in the treatment of customers and bring about a practical shift in the actions and behaviour of firms, which would enable this to happen.
New rights for consumers on fees and charges in the Portuguese retail banking markets
‒ The Portuguese legislator has approved a new set of rules, including prohibitions and limitations on the fees that may be levied to consumers for mortgages, consumer credit and payment services, which entered into force on 1 January 2021.