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The Head of the Banking Conduct Supervision Department of Banco de Portugal, Maria Lúcia Leitão, was elected Chair of the International Financial Consumer Protection Organisation – FinCoNet, which brings together conduct of business supervision authorities responsible for retail banking products and services across the five continents.
Ms Leitão was elected unanimously for a three-year term by the 27 FinCoNet members at their last general meeting, which took place on 13 and 14 November at Banca d’Italia’s head office in Rome.
The Head of the Conduct Supervision Department’s candidacy counted on, from the outset, the support of the Organisation for Economic Co-operation and Development (OECD), one of FinCoNet’s six observers, which include the World Bank, the European Commission, Consumers International, the International Association of Insurance Supervisors and the Consultative Group to Assist the Poor.
The general meeting also elected the new Vice-Chair of FinCoNet, Chris Green of the Australian Securities and Investment Commission, the Australian supervisory authority.
“It is an enormous privilege having been elected to lead this organisation six years after it was formally set up in Lisbon. FinCoNet is a platform for sharing information, experience and best practices to improve conduct supervision standards at global level(...). You can count on me to continue to promote FinCoNet’s agenda,” said Maria Lúcia Leitão, at the organisation’s general meeting.
This is not the first time that Banco de Portugal’s head of Conduct Supervision takes up duties on FinCoNet’s Governing Council. In 2016, Ms Leitão was elected Vice-Chair of the organisation, a role she carried out for three years, when the Chairpersonship was occupied by a representative of the Canadian supervisor.
FinCoNet is an international organisation of supervisory authorities responsible for market conduct in the sale of retail banking products.
Its main goal is to improve the protection of banking product consumers, focusing on credit products and payment services.
Banco de Portugal, as banking conduct supervisory authority, is a founding member of FinCoNet and a member of its Governing Council.
FinCoNet's site