Responsible Finance Forum

G20/OECD POLICY GUIDANCE: FINANCIAL CONSUMER PROTECTION APPROACHES IN THE DIGITAL AGE

Source:  OECD

Given the increasingly digital environment for financial products and services and the potential for digitalisation to support greater financial inclusion and inclusive growth, the need for effective financial consumer protection is more important than ever. It is equally important that the policies and approaches developed and adopted by financial consumer protection authorities need to evolve and adapt in line with the environment.

This policy guidance is for consideration by policy makers responsible for the implementation and application of key elements of the G20/OECD High-Level Principles on Financial Consumer Protection in a digital environment and G20 High-level Principles on Digital Financial Inclusion with respect to principle 5. It focuses on areas related to the role of oversight bodies and disclosure and transparency.

This policy guidance has been developed by the G20/OECD Task Force on Financial Consumer Protection. Building on the report on digitalisation and financial inclusion delivered under Germany’s G20 presidency, this note contributes to the priorities of Argentina’s G20 presidency.

Following an extensive consultation process with members of the Task Force, the Global Partnership for Financial Inclusion (GPFI) and other stakeholders, the note was approved by the Task Force and the OECD Committee on Financial Markets in May 2018 and endorsed by the GPFI in June 2018. It is now transmitted to the G20 Finance Ministers and Central Bank Governors at their meeting in Buenos Aires on 19-20 July 2018.

This document is complemented by G20/OECD INFE Policy Guidance on Digitalisation and Financial Literacy. It contributes to the OECD Going Digital project which provides policy makers with tools to help economies and societies prosper in an increasingly digital and data-driven world. For more information, visit www.oecd.org/going-digital.

Originally posted on GPFI’s website