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8th advisory committee sees the light of day to the Authority

by

Hubert Roy

20 July 2018 13:30

Photo : Unsplash

Thefinancial markets Authority announced Thursday the creation of the advisory Committee of consumers of products and users of financial services. According to research in the Journal of insurance, it is the eighth advisory committee that sees the light of day within the regulator.

In the notice announcing the creation of the advisory committee of consumers, Louis Morisset, president and CEO of the Authority, says that the creation of these committees is an opportunity to strengthen the role of the regulator close to the organization that he leads. «It is a role that we believe are fundamental for the maintenance of a financial sector healthy and vibrant,» said Mr Morisset. He made remarks similar during the unveiling of the names of the members of the advisory Committee on the practice of representatives.

Mandate and mission

By the new advisory committee of consumers, the Authority wishes to establish a link even more structured with consumers and exchange on issues which interest them. This new committee will be comprised of nine members, at most. It will begin its activities in the fall, according to the Authority. People wishing to join have until 19 September to submit their application.

«This committee’s mission will be to enforce the opinion of consumers of financial products and services to the Authority. The Authority expects, therefore, the recruitment of informed stakeholders from diverse sectors and professions, showing a particular interest in the defence and promotion of the rights of consumers «, one can read in the notice announcing its creation.

Mr. Morisset was added to consider the perspective of both industry representatives and consumers is crucial to ensure that the Authority can fulfil its mission. «Get the consumers we are often more difficult. The creation of this committee will open up a new channel of communication that will maintain an open and constructive dialogue for the benefit of all «, said Mr Morisset.

That will be a part of ?

The Journal of insurance has requested the Authority if the representatives of consumer organizations, such asOption consommateurs, could be part of this new committee. The Authority does not close the door to their presence, explained Diane Langlois, director general of public affairs and communications.

«The Authority wishes to group together within the Committee of stakeholders who come from different backgrounds, including the academic sector. This includes organizations dedicated to the defence and protection of the rights of consumers or other industries of which the course shows a marked interest in the defence and promotion of the rights of consumers of financial products and services. Of course, the Authority considers that a consumer should not represent the interests of the financial sector. Other committees established by the Authority already to establish a channel of communication between the representatives of the industry and the Authority. «

Ms. Langlois stated that, at the interior of the nominations received, the Authority risk of focussing on the people with which it did not already structured links. «In view of this, it is actually conceivable, and even desirable, that people from organizations dedicated to the defence and protection of the rights of consumers, such as Option consommateurs, apply to become a member of the Committee. Their application will be assessed on merit among all received applications. «

Roles and responsibilities

The Authority intends to manage several roles and responsibilities to the members of this committee. They will help to identify and analyze the policies, rules, guidelines, and other publications of the Authority, when they are likely to have an effect on the consumers of financial products and services. They will also have to make recommendations they consider useful in respect of the publications to be identified and analyzed. They will also need to notify the Authority of their observations and recommendations on any matter relating to the consumers of financial products and services.

The Authority also specifies that the creation of this committee falls within the framework of the measures entered into force on 13 July 2018 with the Law, mainly aiming at improving the supervision of the financial sector, the protection of the money deposits and the plan of operation of financial institutions. It is the law that was the result of the work surrounding the project of law 141.

The advisory committees of the Authority

The Journal of insurance has counted eight advisory committees initiated by the Authority :

• Advisory committee on consumer products and users of financial services

• Advisory committee on the practice of representatives

• Advisory committee on the financing of firms (CCFS)

• Advisory committee on financial reporting (CCMIF)

• Advisory committee on technological innovation (TCCI)

• Advisory committee on the supervision of derivatives (SEACS)

• Advisory committee on the mining sector (CCSM)

• Advisory committee on investment products (CICC)

It also exists within the Authority, an advisory committee of corporate governance, which is in function since the financial year 2004-2005.

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