Elevating the Collective Consumer Voice in Financial Regulation
Categories : Regulation and Payment System Governance, Regulation of Digital Financial Services
Elevating the collective voice of digital financial services (DFS) consumers can give them more say and more power in the financial sector. Through a stronger consumer voice, regulators will gain a better understanding of the risks facing consumers and adapt regulations accordingly, thus making financial services more responsible. Through its research, CGAP identified three opportunities to elevate the consumer voice that deserve support: consumer groups and associations; regulatory consultative bodies; and technologies that elevate the consumer voice. This paper explores the potential impact of incorporating the collective voice of consumers into financial sector policy and regulation, and opportunities for funders to help elevate these voices.