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In the aftermath of the financial crisis, numerous nations around the globe now recognize that addressing consumer risk and ensuring consumer protection are critical in rebuilding trust in the world’s financial services sector.
The G20’s commitment to the Organisation for Economic Co-operation and Development’s (OECD) consumer protection principles, the establishment of the Consumer Financial Protection Bureau (CFPB) in the United States, the Financial Conduct Authority (FCA) in the UK, and the increasing focus on consumer protection in developing European legislation, all reflect the regulatory drivers which necessitate business transformation in the field of consumer protection. All segments, from retail banking, to commercial and wholesale banking, to investment banking and insurance are, or will be, affected.
Consumer protection is no longer just about compliance; it’s about business – it’s not just a mandate, but an opportunity. The challenge is to reset corporate culture around compliance and conduct, and to innovate – rethinking business models, packaging new products, marketing them through the right channels, at the right price, to the right person – all while turning a profit.
KPMG’s Holistic Approach to Consumer Protection
Consumer protection today has become a top strategic and cultural driver — a leading contributor to a company’s future success. KPMG has the global relationships and experience to help financial services organizations transform regulatory compliance and consumer protection into strategic business advantage. Our professionals help clients assess consumer risk across their organization and identify potential enhancements to business models and operations to mitigate those risks and capitalize on business opportunities.
Our approach incorporates a Consumer Risk Diagnostic Tool, which can be tailored to the requirements of particular regulators (such as the CFPB or the FSA/FCA) and can be applied at various levels – enterprise, line of business, functional and/or product – depending on client need, and customized based on current or forthcoming regulatory requirements and expectations.
KPMG’s Consumer Protection approach considers an organization’s activities in the following key areas:
- Financial & Business Strategy
- Infrastructure & Operations
- Behaviors & Culture
Click here for more detailed information about KPMG’s approach to Consumer Protection
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