Co-ordinating Consumer Protection, Inclusion and Financial (Investor) Education
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1 Co-ordinating Consumer Protection, Inclusion and Financial (Investor) Education Mr Lyndwill Clarke Head: Consumer Education South Africa SEBI OECD ASIAN SEMINAR EMERGING TRENDS IN FINANCIAL CONSUMER PROTECTION ACROSS ASIA 4 & 5 February 2016 Mumbai, India
2 Overview Financial Consumer Protection Financial Inclusion Financial education (Incl. Investor Education) Co-ordinating consumer protection, inclusion and investor education Lessons learnt/challenges 2
3 Consumer Protection Institutions Legislated Consumer Protection Bodies SARB Banks NCR Credit FSB Non-banking dti/ncc - Consumer-business interaction Currently partially combined, not promoting inclusion Combined through Twin peaks approach 3
4 Conventional Consumer Protection Consumer Protection Regulation Legislation Recourse Ombudsman TCF Consumer Twin activists Peaks 4
5 Sharing of Mandates Prudential Twin-peaks model of financial regulation gives equal weight to prudential and market conduct regulation Market Conduct Reserve Bank leads on Macro-prudential (systemic stability) Micro-prudential Responsible for: Prudential regulation of banking and insurance Assessing and responding to financial stability risks Crisis planning Financial Services Board leads on market conduct for financial services Works closely with National Credit Regulator Market conduct regulation of all aspects of financial services, including banking, insurance, advisory services etc. Consumer financial education Interagency review process to set out timelines, and decide how the prudential and market conduct aspects of certain activities will change (e.g. securities regulation) 5
6 Financial Inclusion Source: FinScope SA surveys 6
7 Draft National Financial Inclusion Policy Promote improved and sustainable access Ensure that financial inclusion delivers socio-economic benefits by improving the quality of lives Improve the co-ordination and support for financial inclusion policies and initiatives - establishing a national Financial Inclusion Forum Improve the enabling environment in which financial services are provided to low income people and small enterprises. Improve the measurement and monitoring of financial inclusion. 7
8 Consumer Protection, Financial Inclusion and Education Consumer Protection Regulation Recourse Legislation TCF Twin Peaks Financial Inclusion Consumer Education Research National Strategy Implementation Monitoring & Evaluation Financial Inclusion Ombudsman Consumer activists 8
9 National Risk-Based Consumer Financial Education Strategy Young people Grown ups The aged Communities Financially literate Responsible and self-aware Financially adept Avoid poverty traps (e.g. debt spirals) Financially secure Not victims of scams and fraud Economically and financially Inclusive Entrepreneurial Want to improve their lives and communities Plan, invest and create wealth Plan and control finances Developing and prospering 9
10 Face-to-face workshops- Industrial theatre Exhibitions Project Examples Online e-learning, website Integrate into formal education Print media newspapers, magazines, professional publications Electronic media radio, TV, DVDs 10
11 Coordination and Integration CONDUCT STRATEGY EDUCATION INCLUSION PROACTIVE PRE-EMPTIVE OUTCOMES BASED RISK-BASED REGULATORS CONSUMERS INDUSTRY INDUSTRY- TCF ACCESS PRODUCTS REGULATION EDUCATION
12 Lessons learnt/challenges Industry activities must be monitored and evaluated Making financial education a priority is still not a priority Financial inclusion must be a balanced process Financial Education Regulation Policies and legislation is only as good as its implementation, monitoring and enforcement Financial Inclusion Coordinated approach is easy on paper Changes in policy has a knock-on effect 12
13 Looking forward 13
14 Nelson Rolihlahla Mandela 14
15 Thank you for your attention Contact details: Mr Lyndwill Clarke HOD: Consumer Education Financial Services Board South Africa Tel: (+27) Mobile: (+27)
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