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Financial consumer protection responses to COVID-19 Support for financial
consumersThe COVID-19 emergency will affect the lives of many people around the
globe. There are a number of ways that policy makers, public authorities and
financial services providers can safeguard the interest of financial consumers
who may be experiencing financial difficulties and help them to manage their
personal finances. These options are not recommendations but can assist policy
makers in their consideration of appropriate measures to help financial
consumers, depending on the contexts and circumstances of individual
jurisdictions, during this difficult period. These options are consistent with
the G20/OECD High Level Principles on Financial Consumer Protection that set out
the foundations for a comprehensive financial consumer protection
framework.FLEXIBILITY ON LOAN REPAYMENTS: financial consumers facing financial
hardship as result of COVID-19 could be offered flexibility relating to their
loan obligations, including options such as deferral of repayments (e.g.
mortgage payment holidays), extension of loan terms and/or waiving of fees and
charges,together with clear information about the implications of such options
for the loan overall.SUS3ENSION OR DEFERRAL OF DE%T COLLECTION ACTIVITIES:
policy makers and public authorities could work with banks and other lenders to
consider suspending or deferring debt collection activities, including
repossession and foreclosure procedures, in relation to financial consumers
facing financial difficulties as a result of COVID-19.EMERGENCY ACCESS TO FUNDS:
policy makers and public authorities could work with banks, fund managers and
other financial services providers to consider granting emergency access to
funds held in term deposits and other savings and investments products for
financial consumers experiencing financial difficulties as a result of COVID-19.
Where relevant, this could include emergency access to retirement savings funds,
taking account of the longer term implications of doing so.ACCESS TO BANKING &
PAYMENT SERVICES: policy makers and public authorities could work with banks and
payment service providers to ensure continued access to banking and payment
services using a range of options (including where available branches,
telephone, internet and mobile), taking account of the access needs and
limitations of some financial consumers.Measures relating to contactless
payments, such as reviewing payment thresholds, may also be considered.INSURANCE
POLICY EXCLUSIONS: policy makers and public authorities could work with
insurance companies to ensure that exclusions in insurance cover relating to
COVID-19 are clearly communicated to existing and new policyholders, including
at renewal. INSURANCE CLAIMS: policy makers and public authorities could work
with insurance companies to ensure that insurance claims are treated fairly,
recognising changes in circumstances that financial consumers may be
facing.INFORMATION FOR FINANCIAL CONSUMERS AND RETAIL INVESTORS:policy makers
and public authorities could provide information for financial consumers about
how to manage their personal finances and investments, and what actions they
need to take if they are facing financial difficulties as a result of
COVID-19.WARNINGS AGAINST SCAMS: policy makers and public authorities could work
with the financial services industry, law enforcement and other agencies to warn
financial consumers against financial scams, such as phishing scams, operating
in the context of the COVID-19 emergency and advise financial consumers how to
protect themselves.CLEAR COMMUNICATION: the implementation of any of the above
or other measures should be clearly communicated to financial consumers by
various channels, so they know what options are available to themand what the
implications or consequences may be for their overall financial situation.Find
out more about OECD work on financial consumer protection
atwww.oecd.org/finance/financialconsumerprotection.htmOECD Directorate for
Financial and Enterprise Affairs www.oecd.org/daf | DAF.contact@oecd.org |
@OECD_BizFin| LinkedInThis paper is published under the responsibility of the
Secretary-General of the OECD. The opinions expressed and the arguments employed
herein do not necessarily reflect the official views of OECD member
countries.The OECD is compiling data, information, analysis and recommendations
regarding the health, economic, financial and societal challenges posed by the
impact of Coronavirus (COVID-19). Please visit our dedicated page for a full
suite of coronavirus-related information – www.oecd.org/coronavirus. 17 April
2020


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