Advancing Responsible Finance for Greater Development Impact
Responsible Finance Forum I
January 27, 2010
The first Responsible Finance Forum (RFF I) was organized in January 2010 and, for the first time, it established an informal Community of Practice (COP) to improve cooperation and share expertise and knowledge on the emerging concept of responsible finance. The Community of Practice aimed to be an informal community of investors, donors, microfinance asset managers, financial service providers, practitioners and experts on financial services, sharing a common vision for a fair and customer-centric delivery of financial services.
What Are Some of the Trends in Developing and Emerging Markets?
- Strengthening of national financial sector regulatory regimes for consumer protection–often a combination of regulatory and industry self-regulation approaches–in both developing and developed countries and the emerging microfinance regulation to protect the poor and vulnerable groups.
- Growing international support for strengthening the consumer protection regulatory environment and establishing global regulatory regimes.
- Increased interest in and adoption of industry-led client protection initiatives in microfinance.
- The commercial banking sector shows potential to become an agent of change in promoting responsible finance standards globally
- Financial literacy is increasingly on the agendas and strategies of governments; the interventions are mainly driven by NGOs and the private sector. The global search for effective models of developing financial capability continues.
Why Are Development Institutions Engaged in Supporting Responsible Finance?
- Critical for financial markets stability
- Important for the access to finance, financial inclusion, and inclusive business agendas
- Responsible finance plays a role in economic development and poverty reduction
Download the report to see How Does the Development Community Promote Responsible Finance and What are the Challenges Ahead: