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International regulatory and oversight trends in financial consumer protection: What can be gleaned from the UK, Portuguese, Irish and Canadian experiences?
Journal of Financial Compliance,
6
(2),
173-186
(2023)
Abstract
Political and economic events with global ramifications continue to afflict new regulatory regimes. These regimes are being developed to address events such as COVID-19 and climate change, and developments in areas such as diversity and inclusion, cybersecurity, ESG (Environmental, Social, and Governance), cryptocurrency, etc. These developments have forced organisations and regulators alike, including financial sector regulators, to assess their impact on the way regulators perform their work. This paper describes some of the trends related to financial conduct oversight that have emerged recently in the UK, Portugal, Ireland and Canada and how conduct authorities in these countries have responded to address these trends. It endeavours to shine a light on initiatives that have been taken by some regulators to advance conduct oversight and the protection of consumers in their respective countries. It is meant to sensitise and inform jurisdictions (whose conduct frameworks may not be as developed as those studied for this paper) to the progress that is being made in the area of conduct policy and supervision. It is hoped that it could also serve as a potential preparatory tool for compliance practitioners whose conduct authorities may be contemplating similar changes to their frameworks.
Keywords: conduct oversight; conduct regulation; conduct compliance; regulatory trends; regulatory compliance; conduct regulation
The full article is available to subscribers to the journal.
Author's Biography
Lucie Tedesco has more than 24 years' experience in regulatory environments, specifically in the financial services sector, which includes her time as former commissioner and deputy commissioner of the Financial Consumer Agency of Canada (FCAC). Her practice focuses on providing strategic advice in the areas of financial regulation and counsel to sectors that are subject to market conduct requirements, including banking, credit, insurance and securities. She also advises on regulatory matters related to payments and external complaints bodies. As commissioner of the FCAC, Lucie was responsible for the supervision and enforcement of market conduct requirements applicable to federally regulated financial entities, the promotion of financial consumer rights and the development of information and programmes to strengthen the financial literacy of Canadians. While commissioner, she also directed the development of a new risk-based oversight framework for federally regulated financial entities, and conducted three significant industry reviews which informed subsequent policy changes in the areas of extended auto loans, home equity lines of credit and retail banking sales practices. Her report to the Minister of Finance on domestic and international financial consumer protection best practices was key in informing Canada's new federal consumer protection framework. Canada's first National Strategy for Financial Literacy, ‘Count Me in, Canada’, was also delivered under her watch. Lucie has served as an ex-officio member of the Board of Directors of Canada Deposit Insurance (CDIC), a member of the Office of the Superintendent of Financial Institutions' (OSFI) Financial Institutions Supervisory Committee, and a member of the Department of Finance's Senior Advisory Committee, which provides policy advice to Canada's Minister of Finance. She has also served on the Board of Directors of the Investment Industry Regulatory Organization (IIROC) and as chair and vice-chair of the International Financial Consumer Protection Organisation (FinCoNet).
