Consumer Empowerment and Market Conduct

In 2020, eight countries in the AFI network reported developing and implementing 13 policy changes to enhance consumer empowerment and market conduct (CEMC). In the past three years, over one-third of countries in the AFI network reported developing and implementing CEMC reforms in their respective jurisdictions.

HIGHLIGHTS POLICY TRENDS SINCE 2018

13 85

reforms from 8 countries reported in 2020

Since 2018, there were 85 reforms in 36 countries reported

14 14

countries implemented financial literacy initiatives or set up national financial literacy strategies or frameworks

countries enhanced or enacted consumer protection laws and regulations

Most of the reforms reported in 2020 were related to financial literacy, where members reported developing and implementing financial literacy frameworks and national strategies. Members also reportedly enhanced consumer protection regulations in the wake of COVID-19 pandemic.

For example, the Reserve Bank of Fiji has reported extensive financial literacy campaigns targeting works affected by the COVID-19 pandemic. An Economic Response partnership was also established between the Reserve Bank of Fiji and the Pacific Financial Inclusion Programme (PFIP) to ensure financial literacy seminars were accessible to impacted communities including farmers and tourism workers. Another trend noted in the last three years is that many of the reforms were related to developing and implementing consumer protection frameworks as well as updating regulations and/or guidelines on consumer protection, as reported by 14 member institutions. Other topics that were commonly reported are transparency and disclosure regulations, as well as tightening market conduct rules and regulations.