Regulator Dialogue on Strengthening Consumer Protection

On June 4th, 2024, Cerise+SPTF hosted a pivotal regulator peer-exchange session in Manila, on exploring how regulation can ensure effective consumer protection.

Funded by the Asian Development Bank (ADB), this event brought together representatives from diverse nations, including Cambodia, the Philippines, Indonesia, Laos, Mongolia, Vietnam, the Dominican Republic, Ecuador, Jordan, Egypt, Zambia, and Uganda.

This workshop aimed to foster dialogue among central bankers on three crucial aspects: exploring challenges in consumer protection, formulating effective policy responses, and enhancing the monitoring and supervision of consumer protection measures. The 3Cs – Culture, Capability and Collaboration – defined the framework for facilitating the Regulator Dialogue for Strengthening Consumer Protection (the Dialogue).

The Dialogue encompassed diverse stakeholders, including regulators, consumer voices from Consumer’s International and experts from Cerise+SPTF, reflecting a comprehensive market systems approach. The event facilitated a rich exchange of experiences and strategies among countries confronting consumer protection challenges, focusing on practical lessons and policy innovations to advance consumer protection and financial inclusion.

Participants emphasized integrating consumer protection into corporate governance, empowering consumers in the financial ecosystem, and ensuring effective supervision and enforcement. The Dialogue also underscored the value of peer learning, collaboration, and the utilization of data analytics to enhance regulatory outcomes for consumers of financial services. This workshop laid the groundwork for ongoing collaborative efforts (albeit informal for now) to strengthen regulatory frameworks and promote consumer-centric financial practices across different regions.

Learn all about the Dialogue framework, highlights and takeaways by downloading the report below.