Today, TACD publishes a new resolution on fintechs.
Nowadays, use of technology in financial transactions (or fintech for short) has become an everyday part of most consumers’ lives. However, what can be said about the way that the fintech industry is regulated and how, if at all, are consumers protected?
In addressing these questions TACD’s resolution finds that some essential and necessary safeguards in the use of fintech need to be updated to factor in the evolution of this sector and provides several recommendations to policymakers on how to monitor and regulate this industry. Namely:
– Promoting competitive markets by empowering consumers through the Regulation of the use and control of data;
– Prohibiting unfair and deceptive practices in the use of fintech;
– Promoting financial inclusion while preventing discrimination
In its resolution, TACD reiterates that governments need to ensure that consumers always have a choice in how they access and use financial services.
What is essential, is that regulators develop, apply and enforce strong data protection rules in this area. Consumer privacy rules and regulations must require the fair and transparent use of data and provide consumer control over their own data.
Read the full resolution here.