Consumer Finance Risk Monitor
Using original data collected from governments around the globe, the Consumer Finance Risk Monitor analyses the constantly evolving issues and risks facing consumers of financial products and services. It examines consumer harms and complaints in five product markets (banking and payments, credit, insurance, investments and pensions) and describes regulatory and supervisory responses to address market conduct risks. It also presents data on financial scams and frauds, highlights tools used to monitor risks, and identifies consumer protection policy responses.
Executive summary
Consumers of financial products and services face a complex landscape with a range of evolving issues, opportunities and risks. 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. The Consumer Finance Risk Monitor (the Monitor), developed by the G20/OECD Task Force on Financial Consumer Protection, synthesises the perspectives of 43 jurisdictions on risks to financial consumers in 2022 and 2023. The Monitor covers current and emerging risks stemming from the operating environment; demand-side risks; conduct-related risks; tools used to monitor risks; products and services giving rise to consumer detriment; consumer complaints; and financial scams and frauds. 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.
- Click to access:
-
Click to download PDF - 305.78KBPDF