Brendan Burgess
Founder
- Messages
- 53,923
What a radical suggestion! Who would ever have thought of it?
It said that the regulator’s Consumer Advisory Group, currently comprised of academics, regulatory figures, financial and legal experts, and a social justice advocate, could be broadened to include representatives of consumers or consumer associations – to improve how the group advises the Central Bank.
...
The OECD has also urged the Central Bank to ensure it retains “explicit consumer and investor protection objectives” as it moves next month to disband its stand-alone consumer protection unit and integrate its functions into arms of the organisation that supervise various areas, from banks and insurers to investment firms.
The recommendations follow a review by the OECD of the Central Bank’s supervisory functions against the global standards for financial consumer protection – the G20/OECD High-Level Principles on Financial Consumer Protection. The review found that the regulator’s financial consumer protection supervisory functions “are well aligned with” the global standards, even as it had some suggestions for improvement.
“The Central Bank is a mature and sophisticated oversight body and has appropriate policies and practices in place to effectively monitor financial markets, identify risks to consumers and improve outcomes for consumers,” the OECD report said. “The OECD assessment found that the Central Bank is strongly committed to fostering and upholding the G20/OECD Principles, aligns with international standards and that its practices are consistent with peer regulators.”
OECD urges Central Bank to add consumer representatives to advisory group
Organisation also suggests regulator assess how effective are ‘dear CEO’ letters to industry bosses
It said that the regulator’s Consumer Advisory Group, currently comprised of academics, regulatory figures, financial and legal experts, and a social justice advocate, could be broadened to include representatives of consumers or consumer associations – to improve how the group advises the Central Bank.
...
The OECD has also urged the Central Bank to ensure it retains “explicit consumer and investor protection objectives” as it moves next month to disband its stand-alone consumer protection unit and integrate its functions into arms of the organisation that supervise various areas, from banks and insurers to investment firms.
The recommendations follow a review by the OECD of the Central Bank’s supervisory functions against the global standards for financial consumer protection – the G20/OECD High-Level Principles on Financial Consumer Protection. The review found that the regulator’s financial consumer protection supervisory functions “are well aligned with” the global standards, even as it had some suggestions for improvement.
“The Central Bank is a mature and sophisticated oversight body and has appropriate policies and practices in place to effectively monitor financial markets, identify risks to consumers and improve outcomes for consumers,” the OECD report said. “The OECD assessment found that the Central Bank is strongly committed to fostering and upholding the G20/OECD Principles, aligns with international standards and that its practices are consistent with peer regulators.”