Page 23 - FIGI Digital Financial Services Consumer Competency Framework

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2�3 Understand the terms and conditions of the DFS provider, including related costs and risks
Understand the duties, rights, roles and responsibilities of the two parties (customer/provider).
Knowledge Area CA2.3-K1 Understand that agreeing to the terms and conditions is legally binding.
CA2.3-K2 Understand that one’s legitimate interests should be taken into account
and expect fair and equitable, non discriminatory treatment.
CA2.3-K3 Understand the rights and responsibilities of both DFS provider and the
consumer in respect of the service.
CA2.3-K4 Understand the responsibility of service provider to clearly state and
explain terms and conditions to consumers.
Skills Area CA2.3-S1 Be able to understand the economic consequences of the contract terms
and the affordability.
CA2.3-S2 Be able to identify fair and unfair contractual terms.
CA2.3-S3 Be able to compare the product on sale with the advertised information.
Proactive steps CA2.3-P1 Review carefully the terms and conditions prior to consent.
CA2.3-P2 Seek ways to opt out of an agreement.
CA2.3-P3 Maintain awareness of the rights and responsibilities of minors.
CA2.3-P4 Contest an incorrect bill.
CA2.3-P5 Register a consumer complaint.
CA2.3-P6 Do not allow any undue pressure to influence one’s acquisition of service or
use.
CA2.3-P7 Seek compensation upon poor quality of service by service provider.

2�4 Manage personal data and privacy
To protect one’s personal data and privacy. To know that DFS providers should have a privacy policy to inform what
personal data is collected, for what purpose and how personal data is used and whether the consumer is given the
option to consent or not on the data that is being collected and/or being transferred to third parties.
Knowledge Area CA2.4-K1 Know that data settings can be adjusted.
CA2.4-K2 Be aware of regulations in one’s jurisdiction regarding privacy and data
protection (e.g. GDPR in Europe) exist and offer protection.
CA2.4-K3 Know that choosing “I accept” to a privacy policy may mean that one
agrees to the sale of one’s personal data.
CA2.4-K4 Know how to find out whether and how personal data are being used by
third parties.
CA2.4-K5 Be aware that different countries may have different data protection rules
and if personal data is being collected, processed and stored outside the country of
where the consumer resides, that the data protection rules may differ.
CA2.4-K6 Know which authority in the country is responsible for data protection and
can provide advice to consumers.
CA2.4-K7 Know which measures to take to protect and manage personal data and
privacy to avoid fraud.

Digital Financial Services Consumer Competency Framework 21