Financial Consumer Protection_ Issue 28

treated in a fair way by financial services providers. It is also defined as the protection of consumers from various unfair trade transactions in order to avoid exploitation. Besides, it aims to increase oversight and clarify the laws governing financial transactions, with attention to its objective of “fair treatment of consumers”. The widespread of digital financial services has also increased risks for consumers and raised new policy concerns. Principles of Financial Consumer Protection  Legal, Regulatory and Supervisory Framework: Financial consumer protection should be an integral part of the legal, regulatory and supervisory framework. This framework is characterized by its strong as a contributing factor to the development of the financial sector, financial inclusion, and broader economic growth. Moreover, Financial Inclusion, Financial Literacy and Financial Consumer Protection are complementary concepts rather than alternatives. In order to improve financial inclusion it is important to focus on both the supply side (through products tailored to people needs) and the demand side (through financial literacy initiatives). Consumer protection is increasingly becoming one of the main objectives beyond the financial stability of supervisory institutions. Definition: Financial consumer protection is defined as: The guarantee of safe access to financial services by ensuring that consumers are

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