Consumer credit

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t01_primary_claims.json --source-file <local-raw-pdf>

In this context, it is critical for policymakers, national authorities and international bodies responsible for financial consumer protection to identify and monitor the risks affecting financial consumers, track consumer detriment and share effective approaches that can help address these risks and harms.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t01_primary_claims.json --source-file <local-raw-pdf>

To address risks to financial consumers, policymakers should ensure the full implementation of comprehensive financial consumer protection frameworks in line with the G20/OECD High-Level Principles of Financial Consumer Protection to strengthen supervisory capacity, empower financial consumers and protect those who may be vulnerable.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t01_primary_claims.json --source-file <local-raw-pdf>

In jurisdictions where data are available, the total amount of financial losses due to scams and frauds also increased from 2021 to 2022.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t01_primary_claims.json --source-file <local-raw-pdf>

Detriment arising from these products was expected to increase in 2023 as inadequately regulated digitalisation may increase consumers’ exposure to scams and frauds.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t01_primary_claims.json --source-file <local-raw-pdf>

Effective approaches to address current and emerging risks include comprehensive financial consumer protection frameworks, strengthening supervisory capacity and empowering consumers Jurisdictions have undertaken and planned a range of initiatives to address current and emerging risks.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t01_primary_claims.json --source-file <local-raw-pdf>

The G20/OECD Task Force on Financial Consumer Protection has developed the Consumer Finance Risk Monitor to support these objectives and facilitate global dialogue.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t01_primary_claims.json --source-file <local-raw-pdf>

The G20/OECD Task Force on Financial Consumer Protection has developed the Consumer Finance Risk Monitor (the Monitor) to support these objectives and facilitate global dialogue.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t01_primary_claims.json --source-file <local-raw-pdf>

Households and individuals who might not have previously been considered vulnerable may have found themselves in a more precarious situation in 2022.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t01_primary_claims.json --source-file <local-raw-pdf>

In the prior RTM survey, this figure was 8 percentage points lower, even though that edition of the survey was fielded in the middle of the COVID-19 pandemic.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t01_primary_claims.json --source-file <local-raw-pdf>

Role of the G20/OECD Task Force on Financial Consumer Protection The OECD Consumer Finance Risk Monitor is an output of the G20/OECD Task Force on Financial Consumer Protection (the Task Force).

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t02_primary_claims.json --source-file <local-raw-pdf>

Data collection and methodology The findings in this report are based on analysis of primary data collected from 43 jurisdictions representing the views of 82 government ministries and regulatory and supervisory authorities on ongoing and emerging risks to financial consumers, complemented by secondary data sources collected via desk research.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t02_primary_claims.json --source-file <local-raw-pdf>

For each of the three categories, jurisdictions were asked to choose the three most significant risks to financial consumers in their jurisdiction in 2022 and indicate if they anticipated that the risk would increase, decrease, or remain the same in 2023.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t02_primary_claims.json --source-file <local-raw-pdf>

Consumer detriment (see Chapter 5) was defined in the reporting template using the definition provided in the OECD Recommendation on Consumer Policy Decision Making [OECD/LEGAL/0403].

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t02_primary_claims.json --source-file <local-raw-pdf>

Note This section is adapted from an unpublished background paper prepared for the October 2022 Meeting of the G20/OECD Task Force on Financial Consumer Protection [DAF.CMF.FCP(2022)11].

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t02_primary_claims.json --source-file <local-raw-pdf>

Jurisdictions were asked to select the three most significant risks to financial consumers in their jurisdiction in 2022 and indicate if they anticipated that the significance of each of these three risks would increase, decrease, or remain the same in 2023.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t02_primary_claims.json --source-file <local-raw-pdf>

New business models and financial market volatility were slightly less represented among responses, receiving around 40% and 37% of votes, respectively.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t02_primary_claims.json --source-file <local-raw-pdf>

The impact of interest rate increases is especially notable in jurisdictions where variable-rate loans comprise a large share of outstanding home loans, which varies significantly across regions, ranging from 40% in Luxembourg, to 70% in Spain and 90% in Poland.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t02_primary_claims.json --source-file <local-raw-pdf>

Most countries and jurisdictions anticipated that the risks driven by inflation and rising interest rates would increase or stay the same in 2023.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t02_primary_claims.json --source-file <local-raw-pdf>

New business models and innovation Since the COVID-19 pandemic, jurisdictions have witnessed a rise in new business models and innovation.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t02_primary_claims.json --source-file <local-raw-pdf>

New digital assets such as crypto-assets have rapidly expanded in recent years, while crypto asset risk management and governance practices among providers lag behind (see Section 8.1.3 in Chapter 8).

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t03_primary_claims.json --source-file <local-raw-pdf>

Peru noted that the Coastal El Niño phenomenon was declared in May 2023, which would bring increasing rainfall in the coastal north and drought in the South Andean region.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t03_primary_claims.json --source-file <local-raw-pdf>

Australia noted a 54% increase in complaints about insurance claim delays from 2021 to 2022, which was partly attributable to disasters putting pressure on the industry.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t03_primary_claims.json --source-file <local-raw-pdf>

Over-indebtedness was selected by more than half of jurisdictions, and lack of digital capability was selected by around 43%.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t03_primary_claims.json --source-file <local-raw-pdf>

Every demand-side risk was expected to increase in significance in 2023 with the exception of lack of financial literacy.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t03_primary_claims.json --source-file <local-raw-pdf>

Beyond financial literacy, this observation highlights how financial firms may fail to implement effective disclosures (see Section 4.2 in Chapter 2).

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t03_primary_claims.json --source-file <local-raw-pdf>

On average, jurisdictions anticipated that over-indebtedness would increase in 2023, citing a range of factors including rising interest rates, wage increases lagging behind inflation, rising unemployment and increased uptake of alternative and in some cases unregulated means of obtaining credit (e.g.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t03_primary_claims.json --source-file <local-raw-pdf>

Countries and jurisdictions anticipated that the significance of this risk would increase in 2023, in part due to demographic trends.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t03_primary_claims.json --source-file <local-raw-pdf>

Insufficient income Insufficient income was selected by nearly 40% of jurisdictions as one of the most significant demand-side risks in 2022.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t03_primary_claims.json --source-file <local-raw-pdf>

Consumer vulnerability and the G20/OECD Task Force on Financial Consumer Protection Consumer vulnerability and related topics such as financial well-being are strategic themes for the Task Force especially in light of factors such as the experience of the COVID-19 pandemic and changing economic conditions.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t03_primary_claims.json --source-file <local-raw-pdf>

Poor financial advice and unsuitable product design were selected by one third of jurisdictions, and dishonest sales practices and unauthorised financial activities were selected by around 30%.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t04_primary_claims.json --source-file <local-raw-pdf>

Respondents anticipated that the significance of these conduct risks, with a few exceptions, would remain the same in 2023.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t04_primary_claims.json --source-file <local-raw-pdf>

While financial scams and frauds (as referenced in Chapters 2 and 7) may lead to a sudden loss in assets, the cumulative loss of wealth caused by poor-value products and services can have a significant material impact on household budgets and contribute to a loss of trust in financial institutions and the financial system.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t04_primary_claims.json --source-file <local-raw-pdf>

In contrast to poor value products and services, the G20/OECD High-Level Principles on Financial Consumer Protection [OECD/LEGAL/0394] describe quality financial products in the following passage: Quality financial products are those that are designed to meet the interests and objectives of the target consumers and to contribute to their financial well-being.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t04_primary_claims.json --source-file <local-raw-pdf>

Jurisdictions have also introduced regulation or legislation to ban certain practices related to fees and charges: Ireland banned price-walking2 in home and motor insurance, while Romania made legislative changes that eliminated one of the two types of fees charged by private pension funds.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t04_primary_claims.json --source-file <local-raw-pdf>

The review found that some individuals in high-fee transaction accounts, including First Nations people, were paying up to 3000 AUD in overdraw fees over a year.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t04_primary_claims.json --source-file <local-raw-pdf>

(Some European countries, including Portugal, have had similar programmes in place since before the introduction of the Payment Accounts Directive in 2014.) The Directive also strengthened the requirements for banks to disclose their fees, which helps customers to compare offerings and made it easier for customers to switch banks.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t04_primary_claims.json --source-file <local-raw-pdf>

Regulatory and supervisory actions As articulated in the G20/OECD High-Level Principles on Financial Consumer Protection, financial services providers and intermediaries should provide consumers with key information on a product’s fundamental benefits, risks and terms.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t04_primary_claims.json --source-file <local-raw-pdf>

The Financial Consumer Agency of Canada, for example, launched a thematic review with 12 banks in 2022 to evaluate how they have implemented new electronic alert obligations, as well as assessing their effectiveness.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t04_primary_claims.json --source-file <local-raw-pdf>

Some jurisdictions are worried that consumers are getting poor advice from non-professionals such as young influencers through social media (see Section 8.1.5 in Chapter 8 for more details).

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t04_primary_claims.json --source-file <local-raw-pdf>

In Poland, where 90% of mortgages are variable rate, the Office of Competition and Consumer Protection reported that while the redesign of the mortgage market is a complex issue, steps have been taken to introduce more long-term fixed-rate lending and standardised contracts, given that such products would be more suitable and beneficial to financial consumers.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t05_primary_claims.json --source-file <local-raw-pdf>

The Bank of Lithuania’s mystery shopping exercise on unit-linked insurance sales in 2022 revealed shortcomings in determining customer needs, assessing product suitability and disclosing pre-contractual information, all issues which may be exacerbated given the commission based sales structure in place for these types of insurance products.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t05_primary_claims.json --source-file <local-raw-pdf>

As set out in the G20/OECD High-Level Principles on Financial Consumer Protection, complaints handling and redress mechanisms must be “accessible, affordable, independent, fair, accountable, timely and efficient”.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t05_primary_claims.json --source-file <local-raw-pdf>

Monitoring complaints data Monitoring complaints data is the most common regulatory and supervisory tool used to monitor risks to financial consumers, selected by 100% of respondents.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t05_primary_claims.json --source-file <local-raw-pdf>

In Spain, advanced data analytics are used to analyse reporting information on market conduct since a new circular from Banco de España came into force in 2022.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t05_primary_claims.json --source-file <local-raw-pdf>

The definition of consumer detriment used for this Report is consistent with the definition provided in the OECD Recommendation on Consumer Policy Decision Making [OECD/LEGAL/0403].

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t05_primary_claims.json --source-file <local-raw-pdf>

Cross-border transactions, E-money, push payments, savings accounts and account information services gave rise to relatively less consumer detriment in 2022; however, detriment from account information services, E-money and push payments was expected to increase in 2023.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t05_primary_claims.json --source-file <local-raw-pdf>

According to a survey conducted in 2021 by the National Bank of Rwanda, around one in five Rwandan consumers reported being a victim of financial fraud.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t05_primary_claims.json --source-file <local-raw-pdf>

Additional temporary measures were introduced in October 2023 through which certain homeowners can request that their bank reduce the loan’s underlying benchmark (six-month Euribor) by 30% over two years, deferring principal to a later stage.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t05_primary_claims.json --source-file <local-raw-pdf>

BNPL is regulated by the Central Bank, but agreements under EUR 500 (Euro area euros) and certain agreements over EUR 500, where interest is not charged, are not reported into the Central Credit Register, which means that other lenders may not have a full picture of the debt a consumer has when they assess their creditworthiness and could lead to over-indebtedness.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t05_primary_claims.json --source-file <local-raw-pdf>

In the Netherlands, the Autoriteit Financiele Markten (AFM) published a large study on BNPL in 2022, noting that while the product may provide flexibility for consumers and increase sales for online shops, it also posed risks for financially vulnerable consumers and contribute to debt accumulation.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t06_primary_claims.json --source-file <local-raw-pdf>

The G20/OECD Task Force on Financial Consumer Protection has responsibility for overseeing the implementation of the Recommendation and ensuring that it remains up to date.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t06_primary_claims.json --source-file <local-raw-pdf>

Relatively few jurisdictions ranked travel and gadget insurance among the top products causing detriment in 2022; however, jurisdictions anticipated that the harm arising from travel and gadget insurance would increase in 2023.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t06_primary_claims.json --source-file <local-raw-pdf>

In 2021, the Chilean Consumer Protection Authority (SERNAC) entered into a settlement with several insurance companies regarding mis-selling of insurance with retail store credit cards that consumers were not aware of purchasing.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t06_primary_claims.json --source-file <local-raw-pdf>

Consumer detriment arising from derivatives trading, financial advisory services and managed funds was expected to decrease in 2023.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t06_primary_claims.json --source-file <local-raw-pdf>

Japan: Three successive legal reforms Japan first began reforming their crypto-asset regulatory framework in 2016, when a registration system was introduced for crypto-asset exchange service providers.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t06_primary_claims.json --source-file <local-raw-pdf>

In 2019, the Payment Services Act and the Financial Instruments and Exchange Act were amended to include crypto-asset derivative transactions in the scope of regulation and to strengthen user protection requirements, including advertising.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t06_primary_claims.json --source-file <local-raw-pdf>

On the contrary, jurisdictions expected that harms related to financial advice and the provision of information would stay the same or increase in 2023.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t06_primary_claims.json --source-file <local-raw-pdf>

Principle 12 of the G20/OECD High-Level Principles on Financial Consumer Protection notes that financial services providers and intermediaries should have in place mechanisms for complaints handling and redress.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t06_primary_claims.json --source-file <local-raw-pdf>

This regulation, which upgraded the security framework established in 2009, also established that the financial institution is responsible for any transactions that are a) reported as not recognised by the consumer (or occurring after the consumer has reported the loss or theft of their credentials) and b) not approved by strong authentication processes.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t06_primary_claims.json --source-file <local-raw-pdf>

For instance, the HKMA participates in the Fraud and Money Laundering Intelligence Taskforce (FMLIT), which was established by the HKPF and includes the participation of 23 retail banks.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t07_primary_claims.json --source-file <local-raw-pdf>

Consumer agencies from more than 65 countries support the project, which provides a platform to gather and share cross-border e-commerce complaints.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t07_primary_claims.json --source-file <local-raw-pdf>

New regulation was enacted in October 2020, requiring financial institutions to comply with specific rules depending on the media in which the advertisement is going to be broadcast.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t07_primary_claims.json --source-file <local-raw-pdf>

Greenwashing and risks related to sustainable finance As noted in Sections 4.2.1 and 4.5.1 in Chapter 4, authorities are concerned about risks related to ESG, sustainable finance and greenwashing.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t07_primary_claims.json --source-file <local-raw-pdf>

The Financial Sector Supervisory Commission of Luxembourg similarly identified sustainable finance as a key topic in 2023 and beyond.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t07_primary_claims.json --source-file <local-raw-pdf>

As the leading international standard for effective and comprehensive financial consumer protection frameworks, the G20/OECD High-Level Principles set out the components that jurisdictions should consider when first developing a financial consumer protection regulatory framework.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t07_primary_claims.json --source-file <local-raw-pdf>

The enhanced model started with an internal reorganisation of SBS’s market conduct supervision structure, which since 2022 has comprised three specialised departments and a general head.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t07_primary_claims.json --source-file <local-raw-pdf>

Legislation to establish the FAR was reintroduced into Parliament in March 2023 and as of August 2023 remained subject to Parliamentary consideration.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t07_primary_claims.json --source-file <local-raw-pdf>

A key insight from jurisdiction’s experiences with the COVID-19 pandemic was the importance of appropriate hardship arrangements for consumers experiencing financial difficulty.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t07_primary_claims.json --source-file <local-raw-pdf>

Second, a Green Financial Product Finder was launched in April 2023 focusing on green investment funds, green unit-linked life insurance and green voluntary pension funds.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom035_t07_primary_claims.json --source-file <local-raw-pdf>

Ireland has carried out market research and PR campaigns to inform and educate consumers, particularly young consumers ages 18-35, on BNPL and crypto-assets.

Evidence card JSONRendered card