The Reserve Bank of Malawi undertook the development of Malawi’s proposed new Financial Consumer Protection Act (FCP Act) in 2017 with the support of the World Bank’s 5-year Financial Sector Assistance Project.
The proposed FCP Act was drafted on the basis that it should reflect international best practice adjusted for the Malawi context, make provision for innovation (including in relation to FinTech developments) and implement Malawi’s National Financial Inclusion Strategy 2016 – 2020. Relevant international best practices include those reflected in the revised and enhanced 2017 World Bank Good Practices for Financial Consumer Protection, as well as the G20 High – Level Principles for Financial Consumer Protection and Digital Financial Inclusion.
Ros drafted the proposed new Financial Consumer Protection Act under the terms of her consultancy with the Reserve Bank of Malawi. As well as the drafting, this required a diagnostic review of the current financial consumer protection legal and regulatory framework and market practices, together with public and private sector stakeholder consultations.