Non Regulatory Approach

Financial Consumer Protection is not all about regulation, supervision and enforcement. Other factors go hand in hand.

• Consumer empowerment and capability: Awareness campaigns/efforts and, more broadly, financial capability initiatives and tools to help consumers to understand adequately product benefits and risks and their rights and responsibilities.
• Industry awareness: Promote DFS and fintech entities’ awareness and understanding—through measures such as regulator guidance and capacity building and training efforts—of consumer expectations, risks, and issues, as well as of their responsibilities to consumers –not limited to legal responsibilities that may be specified in regulation but also having regard to fair practices more generally.