Consumer Protection Regulations

Definition

Consumer Protection Regulations. In the context of the Financial Competence Framework, Consumer Protection Regulations is a topic in the Financial Landscape subject matter domain.

Competences

Mastering the role of Consumer Protection Regulations in financial literacy context requires the following competences:

Code	Competency Description	Competency Type
403	Understands that in the EU consumer protection measures apply equally to financial operations by regulated entities, whether carried out digitally or physically	Knowledge
404	Knows that financial service providers have a duty to treat consumers fairly and to ensure information is clear and transparent	Knowledge
405	Understands the roles of relevant financial regulators and financial authorities	Knowledge
406	Aware of the possibility to check whether the provider is authorised/licenced by the relevant competent national authorities	Knowledge
407	Aware that some financial products and services may not be regulated and supervised at EU level or national level.	Knowledge
408	Understands that some aspects of consumer protection rely on the consumer taking note of information provided	Knowledge
409	Checks that a financial service provider, whether operating physically or digitally, is authorised/registered/regulated by the competent national authorities to provide such service	Skill
410	Reads and checks product information and disclosure documents, also when provided electronically	Skill
411	Checks information about financial service providers that have contravened regulation or treated consumers unfairly	Skill
412	Checks changes to financial regulation and consumer protection and their potential impact	Skill
413	Motivated to choose appropriate, trustworthy financial service providers	Attitude
414	Motivated to find out the information that advisors, financial service providers and companies are legally obliged to provide to financial consumers	Attitude