intergovernmental group of experts on consumer law and ...to ensure that they are addressing...
TRANSCRIPT
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Intergovernmental Group of Experts on Consumer Law and Policy
(IGE Consumer)
3rd SESSION 09-10 July 2018
Room XVII, Palais des Nations, Geneva
Monday, 09 July 2018 Morning Session
Agenda Item 3a. Consumer protection in financial services
Presentation by Ms. Ninette Kaari Mwarania
Competition Authority Kenya
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"A Kenyan economy with globally efficient markets and enhanced consumer welfare for shared Prosperity"
Constitution of Kenya, 2010 - Article 46 ConsumerProtection Act
Competition Act No. 12 of 2010 - Section 56 (3 and 4)
Sector regulators such Central Bank of Kenya, InsuranceRegulatory Authority and Retirements Benefits Authorityhave provisions dealing with protecting consumers onfinancial services
Financial Markets Conduct Bill, 2018 – Regulate access tocredit
7/12/2018
Vision:"A Kenyan economy with globally efficient markets and enhanced
consumer welfare for shared Prosperity" 2
Consumer education on financial terms
▪ Disclosure of charges and fees by financial servicesproviders
▪ Disclosure of terms and conditions
▪ Ensuring that the language used in terms andconditions is not too lengthy and complex for aconsumer to understand
▪ Sales agents contracted by banks should beconstantly trained on how to educate the consumeron financial terms
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Vision: "A Kenyan economy with globally efficient markets and enhanced
consumer welfare for shared Prosperity" 3
Collaboration and cooperation with sectorregulators to ensure consumer complaintsare resolved
Periodic review of the laws and regulationsto ensure that they are addressing emergingtrends in financial services, are in line withinternational best practice and areaddressing the challenges presented byissues such as innovation
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Vision: "A Kenyan economy with globally efficient markets and enhanced
consumer welfare for shared Prosperity" 4
Collaboration and cooperation withinternational networks, which will fostersharing of experiences, learning andconvergence in addressing emerging issuesand resolving consumer complaints
Periodic review of investigative proceduresand processes to ensure they are capable ofaddressing emerging trends
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Vision: "A Kenyan economy with globally efficient markets and enhanced
consumer welfare for shared Prosperity" 5
Sensitizing the business community on theemerging consumer issues, as a way ofensuring deterrence and to identify jointefforts to protect consumers
Sensitizing consumers on financial servicesby consumer protection agencies incollaboration with sector regulators in thefinancial services sector
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Vision: "A Kenyan economy with globally efficient markets and enhanced
consumer welfare for shared Prosperity" 6
Empowering consumer groups through training todetect consumer issues in the financial services andforwarding the complaints to consumer protectionagencies for investigation
Enhanced collaboration of members Statesthrough webinars, conferences to foster learningand identifying joint enforcement interventions
Collaborating with businesses to prioritize onconsumer protection
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Vision:"A Kenyan economy with globally efficient markets and enhanced
consumer welfare for shared Prosperity" 7
Undertaking research on consumerprotection in financial services andsharing of the research findings throughpublications
Capacity building on consumerprotection in financial services (learningmaterial like videos)
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Vision:"A Kenyan economy with globally efficient markets and enhanced
consumer welfare for shared Prosperity" 8
THANK YOU
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Vision: "A Kenyan economy with globally efficient markets and enhanced consumer welfare for shared Prosperity"
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