Workshop on Market Conduct and Consumer Protection in the Digital Era

BACKGROUND
The recent COVID-19 pandemic accelerated the adoption of digital financial services in the region. The
surge in digital financial services (DFS), has resulted in an increasing number of people using mobile phones
and other online platforms for accessing financial products and conducting e-commerce. The resultant
widespread and rapid increase in the use of DFS exposes consumers, some of whom have very little
knowledge of the risks of transacting through online channels, to scammers and other unscrupulous actors.
In addition, consumers are exposed to cyber security risks and other acts of misconduct.
To ensure the protection of consumers in the digital era, there is a need for responsible authorities to
strengthen market conduct and consumer protection frameworks. Financial consumer protection ensures
that consumers are provided with the necessary information and tools required to allow them to make
responsible financial decisions, are not subject to unfair, abusive, or deceptive practices, and have access
to recourse mechanisms to resolve disputes. In this respect, consumer awareness and financial education
have become critical as authorities manage the transition from cash to DFS. It is against this background
that MEFMI will conduct a workshop on market conduct and consumer protection in the digital era.
OBJECTIVES
To introduce participants to the foundational aspects of regulating and supervising market conduct and
ensure the protection of consumers of digital financial services.
CONTENT
The course will cover the following areas:
1. Risk-based market conduct supervision framework;
2. Cyber security, fraud and financial misconduct in digital financial services;
3. Market conduct supervision tools and approaches;
4. Business conduct disclosure requirements;
5. Financial consumer protection; and
6. Complaints handling procedures.
TARGET GROUP
The course is designed for junior staff to middle-level managers responsible for market conduct, financial
education and consumer protection in Central Banks, Ministries of Finance and other financial sector
regulators.