This second 2021 issue of the FinCoNet Newsletter includes:
New Zealand Council for Financial Regulators (CoFR) consumer vulnerability framework
‒ The New Zealand Council for Financial Regulators (CoFR) has published a consumer vulnerability framework which provides a common understanding of the characteristics of vulnerability among financial regulators and provides industry with a common reference point as they develop and review their own vulnerable customer policies and procedures.
New breach reporting obligation for Australian credit licensees
‒ Upcoming reforms to Australia’s breach reporting regime clarify and strengthen the existing obligation on Australian Financial Services (AFS) licensees to self-report certain breaches of the law to ASIC and, for the first time, extend the obligation to credit licensees.
Bank of Russia’s first behavioural survey for non-qualified investors’ testing
‒ The Bank of Russia carried out the behavioural survey in order to try out test questions for non-qualified retail investors.
Findings of FCAC surveys to assess the financial impact of the pandemic
‒ FCAC has conducted two surveys intended to better understand and track the impacts of the COVID-19 pandemic on the financial situations of Canadians.
Peru’s new regulatory framework for credit life insurance products
‒ On March 2021, Peru´s government enacted Law N° 31143 intended to protect consumers in the financial services industry from aggressive practices
World Bank Policy Research Paper ‘Consumer Risks in Fintech: New Manifestations of Consumer Risks and Emerging Regulatory Approaches’