Page 16 - FIGI Digital Financial Services Consumer Competency Framework

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1�2 Compare information on costs, quality and terms of conditions of the service
To compare commercial offers using comparison tools, websites and channels and approach authorised intermediaries
to obtain appropriate information to compare costs and terms and conditions of different commercial offers.
To compare and critically evaluate information on DFS purchasing terms and conditions.
Knowledge area CA 1.2-K1 Be aware of one’s requirements, goals, financial capability and one’s budget
for the use of DFS (ex: transaction costs).
CA 1.2-K2 Know how much the DFS service will cost, directly and indirectly, based on
information provided by the DFS Provider and any laws that require the provider to pro-
vide details of the transaction charges prior to the transaction.
CA1.2-K3 Know the cost components underpinning the DFS service, including taxes, if
any, cost in case of default or delayed repayments, if relevant.
CA1.2-K4 Know about cost comparison tools available online (apps, portals, sites) and
how to use them.
CA1.2-K5 Recognize that price comparison results may be incomplete, inaccurate or
impartial, as they might be influenced by advertising and/or marketing.
CA1.2-K6 Understand the DFS provider’s obligations, particularly in terms of transparen-
cy and providing relevant information, as well as one’s own obligations.
CA1.2-K7 Recognize the key terms and conditions of the DFS service, including the
manner in which DFS service provider could use the data shared and identify when
essentials terms are missing from the user agreement (example data protection clauses
or penalties).
CA1.2-K8 Know the range of products and services of DFS provider and how best they
can serve one’s needs.
CA1.2-K9 Know about authorized agents and intermediaries who could provide relevant
information to enable comparison.
Skills area CA1.2-S1 Be able to count, read and write numbers and apply basic mathematics.
CA1.2-S2 Be able to comprehend audio and video instructions on the conditions of ser-
vice.
CA1.2-S3 Know how to use online price comparison tools that compare quality, price,
terms and conditions.
CA1.2-S4 Able to understand DFS user agreements, terms and conditions of service and
legal and pricing terminology.
CA1.2-S5 Know where to obtain legal aid if agreements are unfair/illegal.
CA1.2-S6 Know the rights and responsibilities of the consumer.
CA1.2-S7 Know how to approach authorised intermediaries to obtain additional informa-
tion and necessary clarifications.
Proactive steps CA1.2-P1 Actively compare offers from different DFS providers so as to make informed
choices.
CA1.2-P2 Critically evaluate the reliability, impartially and accuracy of the information on
comparison websites and other channels.
CA1.2-P3 Access competent and professional advice and assistance preferably from an
independent third party when needed (for example, consumers associations).
CA1.2-P4 Approach intermediaries to get complete and relevant information about
terms and conditions of different service providers.

14 Digital Financial Services Consumer Competency Framework