FinCoNet and the protection of international financial customers

The need to ensure the protection of customers with respect to financial services, as well as transparency and best market practices on behalf of financial institutions, is a concern of national and international authorities.

In fact, during the last decade several international working groups have flourished, all of which aim at improving market conduct and practices by financial institutions in order to safeguard consumers’ interests. One of these groups is FinCoNet (International Financial Consumer Protection Organisation).

FinCoNet was created in 2013 and it aims at promoting appropriate market conducts and strong consumer protection through efficient supervision. The organisation has 24 conduct supervisors from all over the world, among which the Banco de España is included, being also member of its governing board.

The organization’s activity plan for 2018 was recently published and it includes finalising tasks concerning the impact of consumer lending credit digitalization and the security of payments made on the Internet or with a smartphone. Besides, throughout this year, tasks on identification of supervising tools to be applied to digital products, which is led by the Banco de España, will be completed. On the other hand, new plans of action on financial products advertising and product sovereignty are being launched, since FinCoNet considers these matters to be of great relevance, counting also with Banco de España’s participation.

All FinCoNet activities and information may be accessed on its webpageAbre en ventana nueva.