The Financial Services and Markets Authority (FSMA) has today published its annual report for 2022. On this occasion, the chairman of the FSMA, Jean-Paul Servais, gave an overview of its future projects.
The core mission of the FSMA is to contribute to an honest and fair treatment of financial consumers. Last year, it launched 20 new projects for even more robust consumer protection. In these times of change and uncertainty, this is very much needed.
The projects offer solutions to address risks associated with virtual currencies and greenwashing, among others. They are aimed at better implementation of the conduct of business rules and shareholder protection. The projects strive for simple and cost-transparent financial products, which are easier to compare amongst themselves. For consumers and investors who have been duped, there are suggestions for pursuing a more efficient legal remedy. There are also plans to expand the FSMA’s financial education programme.
Three-quarters of these 20 new projects have now been completed or are in progress. For instance, new rules have recently come into force governing the supervision of advertisements for virtual currencies. Other projects, such as the introduction of a bankers’ oath and the simplification of fire insurance policies, are underway.
In a webinar, the Chairman of the FSMA, Jean-Paul Servais, provided an initial overview of the progress of the projects. He also addressed several key themes of the annual report. More information is available in the presentation of the webinar and in a video message in which Jean-Paul Servais sets out some of the most important topics in the annual report.
The complete 2022 annual report is available on the FSMA website (available in French - Dutch only).