The March 2021 edition of the FinCoNet Newsletter provides a comprehensive overview of recent initiatives and discussions aimed at enhancing financial consumer protection amid the ongoing COVID-19 pandemic. A significant highlight is the joint meeting held on March 15-16, 2021, between FinCoNet and the G20/OECD Task Force on Financial Consumer Protection. Conducted virtually due to global health restrictions, this meeting gathered over 100 delegates worldwide to discuss key projects, jurisdictional updates, and collaborative strategies. Chaired by Mr. Richard Monks and Ms. Maria Lúcia Leitão, the sessions underscored the critical role of international cooperation in addressing the pandemic's challenges on financial systems.
A focal point of the newsletter is the ongoing review of the G20/OECD High-Level Principles on Financial Consumer Protection. Initiated in January 2021, this strategic project seeks to assess the implementation of these principles over the past decade and explore the inclusion of new policy areas to address emerging financial landscapes. FinCoNet members have been actively invited to contribute their insights through a comprehensive questionnaire, aiming to produce a public report with recommendations for an updated set of principles to be presented to the G20 and the OECD Council.
Additionally, the newsletter highlights the International Seminar on Performance-based Regulation & Financial Consumer Protection, held virtually on March 17, 2021. This seminar delved into the effectiveness of performance-based regulatory approaches in safeguarding financial consumers, especially in the context of the rapid digitalization accelerated by the pandemic. The discussions emphasized the need for adaptable regulatory frameworks that can respond to evolving market dynamics while ensuring robust consumer protection. The seminar's insights are poised to inform future policy formulations and supervisory practices among FinCoNet members.