NED forum launches Board Consumer Champions Forum to strengthen consumer protection across financial sectors

The Gibraltar NED Forum is launching a Board Consumer Champions Forum to support Board Champions in advancing consumer protection, sharing best practices, and collaborating with the GFSC across various sectors, with its first meeting planned for early next year.

Following a successful presentation by a senior member of the Gibraltar Financial Services Commission on the “Regulatory Expectations of Board Consumer Duty Champions” at a recent NED Forum a number of forum members have suggested the establishment of an additional forum focusing on the duties of the Board Consumer Champions. The creation of which is part of a major regulatory initiative currently being rolled out in Gibraltar and designed to further protect consumers of financial services and products.

As such the Board Consumer Duty Champion plays a crucial role in ensuring that the firm prioritises consumer interests and upholds the principles of Consumer Duty.

The Forum is looking to provide a space for its members to connect, exchange ideas, and work together to advance consumer interests, share best practices, and drive meaningful discussions on consumer issues, said a statement from the board.

"We are excited to launch the Board Consumer Champions Forum, and thereby create a space where Champions can come together to make a difference,” said the NED Forum’s Chairman, Marcus Killick.

“As this is new to all, we feel its important to have a forum where, through open dialogue and collective action, we can work with the GFSC to ensure firm’s duties to consumers are met and help drive positive change, much in the way the NED Forum has done.”

“Whilst the NED Forum has its roots in the insurance sector, the new forum will aim from the beginning to encompass all areas, from banking to the crypto sector. For some this new regulatory approach represents an existential change.”

For anyone interested in joining the Board Consumer Champions Forum or learning more about its activities, email Joey Imossi at joey.imossi@isolas.gi”

The first meeting will be held early in the new year.