Page 26 - FIGI Digital Financial Services Consumer Competency Framework

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3�2� Know consumer rights and how to obtain redress
To know one’s rights and responsibilities as a consumer. To assert one’s rights after making a purchase. To know how to
solve problems and disputes.
Proactive steps CA3.2-P1 Review account statements/transaction historyregularly and notify the pro-
vider of any discrepancy.
CA3.2-P2 Register a consumer complaint if necessary.
CA3.2-P3 Contact sales service if an online transaction is not desired.
CA3.2-P4 Use government agencies, or consumer protection groups, to enforce appli-
cable consumer protection laws.
CA3.2-P5 Contest an incorrect bill or transaction amount.
CA3.2-P6 Seek legal aid or advice.

3�3 Know the responsible regulator to approach with intractable problems and the process
Consumer should identify which regulator is responsible for different types of DFS providers and whether there is a
complaints window within that authority for dispute resolution. For example, it may be appropriate to go to the Central
Bank when one has a complaint about a bank. But, there may be a separate regulator responsible for non-bank digital
financial services providers.
Knowledge Area CA3.3-K1 Know of the legal/regulatory framework and responsible authorities per
DFS provider.
CA 3.3-K2 Be aware of any applicable financial ombudsman, arbiter or ADR facility, or
small claims or other specialized consumer courts.
CA3.3-K3 Know where and how to access updated information on the DFS products
and services.
Skills Area CA3.3-S1 Effectively advocate one's position, including documenting one's complaints
with the appropriate authority.
CA3.3-S2 Be able to compare similar products of different DFS providers.
Proactive steps CA3.3-P1 Actually filing a complaint with the appropriate authority when one has a
valid dispute with the financial services provider.
CA3.3-P2 Contact the appropriate regulator for information about the process for dis-
pute resolution.

3�4 Keep up to date on developments in digital financial services
Keeping abreast of the new development in financial service industry to identify new opportunities and benefits.
Knowledge Area CA3.4-K1 Be aware that new developments (new products and services) and new
modalities of use can improve access and affordability.
Skills Area CA3.4-S1 Compare and evaluate new DFS with existing DFS in search of a costs-benefit
approach.
Proactive steps CA3.4-P1 Update oneself on developments in digital finance and understand the new
digital financial services that it can enable, their benefits and potential risks.
CA3.4-P2 Contact DFS providers for clarification on new developments in service provi-
sion and new terms of service.

24 Digital Financial Services Consumer Competency Framework