FinCoNet discussed market conduct supervision in a digital context

The International Financial Consumer Protection Organisation (FinCoNet) held its Annual General Meeting on 6-7 November, in Brasilia, following an invitation by Banco Central do Brasil. The meeting was attended by representatives from 23 supervisory authorities from around the world, including FinCoNet members, international organisations acting as FinCoNet observers and invited supervisory authorities.

On this occasion, FinCoNet approved the publication of a consultation paper on guidance to supervisors' oversight of customer credit through digital channels. This guidance is the result of the work coordinated by Banco de Portugal.

The publication of a report on practices and tools for a risk-weighted conduct supervision in a digital environment has been approved.

FinCoNet also decided to publish on its website a database (Supervisory Toolbox) on supervision practices and tools used by FinCoNet members when exercising their conduct supervision mandate.

Topics on the conduct supervisors' agenda were also discussed, such as responsible credit-granting and the challenges arising from the growing digitalisation of retail banking markets. In this regard, Banco de Portugal presented the latest initiatives in the scope of supervision of consumer credit marketing through digital channels.

After the meeting, FinCoNet and Banco Central do Brasil hosted the international seminar Open banking: developments, impacts and challenges.

About FinCoNet

FinCoNet is an international organisation of supervisory authorities which have responsibility for market conduct in the sale of retail banking products. Its main goal is to improve the protection of banking product customers, focusing on credit products and payment services.

Banco de Portugal, as banking conduct supervisory authority, is a founding member of FinCoNet and member of its Governing Council, presently holding the Vice Chairmanship.