View
308
Download
0
Category
Tags:
Preview:
DESCRIPTION
This presentation by Flore-Anne Messy was made during the 2nd roundtable at the High-level Conference on Global and European Trends in Financial Education held on 22-23 May 2014 in Istanbul, which explored the role(s) of the private and not-for-profit sectors in financial education, financial literacy and innovation for young people and financial education for migrant workers and their families. Find out more at http://www.oecd.org/daf/fin/financial-education/2014-conference-global-european-trends-financial-education.htm
Citation preview
ROLE OF PRIVATE AND NON-FOR PROFIT STAKEHOLDERS IN FINANCIAL
EDUCATION
OECD/INFE GUIDELINES
High-level conference on global and European trends in financial education
22-23 May 2014 - Istanbul, Turkey
Flore-Anne Messy, OECD Executive Secretary of the International Network on Financial Education (INFE)
1
• Importance and challenges of the involvement of private and non-for-profit stakeholders in financial education
2
• The OECD/INFE Guidelines for private and non-for-profit stakeholders in financial education
Outline
Financial Education :
The role of private and non-for-profit stakeholders
Stages of the financial education strategy
Design of the
national strategy
Implemen-tation
Develop ment of
tools Support
Evaluation and
research
3
The challenging nature of financial education
Financial education is a public good. But investment pays off in the long term
Adequate and sustainable :
based on evidence and evaluated
A long process :
results may be apparent only in the long run
In consumers’ interest (unbiased):
help consumers understand their financial needs and act upon them
Of high quality :
in order to promote behavioral changes
Fair and equitable :
for all and especially vulnerable groups
The role(s) of private and non-for-profit stakeholders
in financial education is essential but….
Key benefits
• Expertise on financial and/or education issues
• Expertise in marketing/ communication
• Reach and proximity to consumers
• Resources & appetite
Challenges to be addressed
• Conflicts of interests
• Focus on short-term initiatives
• Some consumers may be left out
• Non-coordinated initiatives
• Evaluation? 5
Mapping of existing
practices and development
by the INFE in 2013
Approval of the INFE for
public consultation in
Oct. 2013
Public consultation from Nov. 2013 till
Feb. 2014
Expected approval at the INFE rechnical
committee meeting
on 21 May
Dissemination and possible transmission
to G20
3. Addressing these challenges: OECD/INFE Guidelines for private and non-for-profit
stakeholders in financial education
Introduction
I. Scope and definitions
II. Guidelines
A) Framework
B) Key criteria
III. Compliance
The Guidelines : Structure
I – Scope and definitions :
A wide range of stakeholders
• Banks and financial institutions
• Microfinance institutions
• Agents and intermediaries
1. For-profit institutions
providing financial services
• Private service providers doing financial education on behalf of other organisations
• Consultancy firms
2. For-profit institutions delivering financial education for a business
• Employers, industry at large
• Telecomunication companies- mobile banking 3. Non-financial
for-profit institutions
• Industry association of banks
• Foundations
• Financail ombudsmen
4. Not-for-profit organisations with a link to the financial sector but no direct commercial interest
• NGOs, educational centres,
• trade unions; consumer associations 5. Not-for-profit organisations
with an interest in financial education
8
I - Various modalities of involvement of
private and non-for-profit stakeholders :
Integrated coordinated approaches
• Consulted or full participation (Australia, Brazil, the Netherlands)
• Role of industry associations
The preparation and development
of the NS framework
• Responsibility for implementation (Brazil)
• Mandatory provision of financial education (Indonesia, South Africa)
• Public private partnerships for dedicated projects (Malaysia, Singapore)
Involvement in the implementation of the NS framework
• Mandatory contribution to financial education (UK)
• Voluntary contribution for projects or the all NS (New Zealand)
Provision of financial support
9
Association of banks and others develop their own
financial education activities with little
relation to the national framework
Different private entities (including NGOS) develop their own financial education
initiatives globally or nationally
Active monitoring and development of
codes of conduct is
recommended
I - Various modalities of involvement of
private and non-for-profit stakeholders :
Non-coordinated approaches
A) Framework 1) Co-ordination between public, private and non-for-
profit stakeholders
2) Managing potential conflicts of interest and other shortcomings
1. (financial and in-kind) support for governmental strategies and initiatives
2. Indirect involvement of financial institutions (role of industry association)
3. Monitoring through -voluntary or compulsory- codes of conduct
4. Distinction between commercial and educational activities
• no promotion of products combined with financial education
• conflict of interest are disclosed and managed
• educational resources are distinguished from commercial material
II – Guidelines
B) Key Criteria Applying to resources and trainers :
1) Objectivity • Definition : balanced, impartial unbiased and not linked to commercial priorities
• Use of logo limited within national circumstances
• Staff involved in financial education do not carry marketing activities
2) Quality of resources and trainers 1. Tailored to national circumstances
2. Appropriate to the target audience
3. Fair – addressing all segments of the population
4. Accurate, complete, up to date and of high quality
5. Easily accessible
3) Monitoring and evaluation
II – Guidelines
• Awards, accreditation, certification, and
licensing systems of programmes and
providers establishing the criteria and
modalities to deliver financial education
• Monitoring and compliance mechanisms to
be developed by public authorities
III – Compliance
Thank you
Flore-anne.messy@oecd.org www.financial-education.org
Recommended